Catalina Holdings (Bermuda) has agreed to acquire HSBC Holdings' two legacy businesses, HSBC Reinsurance and HSBC Insurance (Ireland).
The two businesses ceased to write new business and were placed into run-off in June 2010 and June 2009 and predominantly wrote creditor, property, travel and motor insurance business.
As of 31 March 2012, the two businesses had total assets of about $273m.
The transaction is subject to regulatory approval from the Central Bank of Ireland and is anticipated to complete in the third quarter of 2012.
Catalina CEO Chris Fagan said that the deal demonstrates the company’s continued ability to acquire legacy assets from high quality vendors in one of its core territories.
"We continue to see an increase in transaction activity in the run-off market, and we expect to build our portfolio further over the course of 2012," Fagan said.