Slaughter and May advised Zurich Insurance plc on the transfer of its pre-2007 UK legacy employers’ liability portfolio to Catalina. As of 31 December 2017, the portfolio comprised gross liabilities of USD 2 billion relating principally to industrial disease related claims, including asbestos.
The transaction will be completed in two steps. The first step will consist of a reinsurance agreement between Zurich Insurance plc and Catalina General Insurance Ltd., a Bermudan reinsurer. In a second step the policies and liabilities will be transferred to Catalina London Limited, a UK insurer. The transaction is subject to regulatory and court approvals, with the final transfer expected to occur within two years.