Quanta, Catalina Alpha combination on track to close in fourth quarter

By Lisa Kerner

Charlotte, N.C., Sept. 8 - Quanta Capital Holdings Ltd. said the Indiana Department of Insurance approved the company's combination with Catalina Alpha Ltd., a subsidiary of Catalina Holdings (Bermuda) Ltd.

In May Quanta agreed to be acquired by Catalina Holdings and Catalina Alpha for $2.80 cash per share, or about $197 million.

The amalgamation of the two companies is expected to close in the fourth quarter of 2008, according to a form 8-K filed with the Securities and Exchange Commission.

Quanta shareholders will vote on the transaction at a special meeting on Sept. 30.

The Bermuda Monetary Authority, the Irish Financial Regulator and the Colorado Division of Insurance already granted their approvals, Quanta said.

Quanta is a Hamilton, Bermuda, holding company with interests in specialty insurance and reinsurance that it is actively running off.

Catalina Holdings, also a Bermuda company, specializes in the acquisition and management of non-life insurance and reinsurance companies and portfolios in run-off.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.