Catalina Holdings (Bermuda), a legacy re/insurance specialist, has agreed in principle to purchase Singapore-based Asia Capital Reinsurance Group (ACR) for an undisclosed sum.

This marks the company’s first acquisition in the continent. Catalina plans to use the Singapore office as its hub to establish a run-off platform in Asia.

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In addition to Singapore, ACR also offers services across Japan, South Korea, Malaysia and Hong Kong. The company serves different industries such as property, motor, marine, agriculture, engineering and aviation.

At the end of September 2019, ACR reported $835m in shareholder equity, $1.3bn in gross liabilities and $2.1bn in total assets.

The deal awaits regulatory nod, with completion anticipated in the first half of next year.

Catalina Holdings CEO Chris Fagan said: “This is a strategically important transaction for Catalina, as it gives us a platform from which to build an Asian portfolio and to complete our geographic footprint.

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“There are significant opportunities for further acquisitions in Asia, in what is a developing and growing run off market.”

ACR chairman Hsieh Fu Hua added: “This was a shareholder-led process, which has culminated in a successful exit. Catalina, as the buyer, has the experience and expertise to deliver  on  ACR’s  outstanding  commitments  to  clients  and  take  the  business  into  a  new direction.

“On  behalf  of  the  Board,  I  would  also  like  to  formally  express  my  appreciation  to ACR’s business partners, management, staff and all other stakeholders for their support over the last 13 years.”