Catalina Holdings (Bermuda) Ltd acquires Willkie client SPARTA Insurance Holdings, Inc., a provider of customized, unbundled program solutions in the property and casualty marketplace.
Catalina Holdings (Bermuda) Ltd and Willkie client SPARTA Insurance Holdings, Inc. recently announced a definitive agreement under which Catalina will acquire SPARTA. Following the closing of the transaction, Catalina plans to place some of Sparta's business into run off and to transfer SPARTA's alternative market business to Arch Insurance Company under a separate renewal rights agreement. With total assets of $911 million (as of 12/31/2013), Hartford, CT-based Sparta focuses mainly on specialty program and risk transfer alternatives in the United States. Catalina is a long-term consolidator in the non-life insurance/reinsurance run-off sector.
The deal was handled by partners Michael Groll, Donald Henderson, Rajab Abbassi, Michael Katz, Ian Levin and Richard Reinhold and associates Abby Branigan, Meredith Levy, Geri Anne McEvoy and Andrew Prodromos.