September 19, 2013

Catalina Holdings (Bermuda) Ltd agreed to purchase Run-off insurer Alea Group Holdings (Bermuda) Ltd from Fortress Investment Group.

On September 18, Catalina Holdings (Bermuda) Ltd agreed to purchase Willkie client Alea Group Holdings (Bermuda) Ltd, a run-off insurer, from Fortress Investment Group. Alea, with total assets of $540 million (as of June 30, 2013), is a property casualty reinsurer that was put into run-off in 2005. Fortress, a diversified global investment management firm, purchased a 72 percent stake in Alea in 2007. Catalina is a long-term consolidator in the non-life insurance/reinsurance run-off sector.

The deal was handled by partners Adam Turteltaub, Michael Groll, Donald Henderson, Christopher Peters, Ian Levin and Eugene Chang; of counsel Arthur Lynch and associates Rajab Abbassi, Delano Ladd, Andrew Endicott, Christian Ercole, Tyler Ladner and Geri Anne McEvoy.