NationsBuilders Insurance Services announces definitive agreement to transfer subsidiary’s residential construction liabilities to Catalina Holdings

By John Skelly26 June 2014

NationsBuilders Insurance Services, Inc., (NBIS), a portfolio company of SunTx Capital Partners, announced that it has entered into a definitive agreement with Catalina Holdings (Bermuda) Ltd., under which NationsBuilders Insurance Company (NBIC) will transfer its residential construction liabilities totaling $76,250,000 pre-adjustments to Catalina via a novation agreement.

As part of the transaction, Catalina, a long term consolidator in the non-life insurance/reinsurance run-off sector, will acquire the San Diego based claims operation that manages the residential construction liability portfolio. NBIC assumed the Liabilities from ProBuilders Insurance Company from 2002 to 2010. The transaction excludes the heavy construction liabilities associated with NBIC’s core business.

The transaction, which is expected to close July 31, 2014, is subject to approval by the District of Columbia Department of Insurance, Securities and Banking and the Bermuda Monetary Authority. Keefe, Bruyette & Woods served as financial advisor and Morris, Manning & Martin, LLP served as legal counsel to NBIS with respect to the transaction.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Crane Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
Zoomlion claims 2,400 tonne AT crane record
Two units of record-breaking ZAT24000H all terrain crane handed over to customer
New Effer loader cranes
Three new Effer cranes broaden the heavy crane range and offer advantages for end users
New Ferrari loader cranes
F.lli Ferrari adds to hydraulic loader crane range with new 6000 series models
CONNECT WITH THE TEAM
D.Ann Shiffler Editor, American Cranes & Transport Tel: +1 512 869 8838 E-mail: d.ann.shiffler@khl.com
Matt Burk VP Sales Tel: +1 312 496 3314 E-mail: matt.burk@khl.com
CONNECT WITH SOCIAL MEDIA