Catalina Holdings (Bermuda) Ltd. has announced the acquisition of Bermuda-based Western General Insurance Ltd.

Catalina signed a definitive share purchase agreement on June 22, and the takeover was completed on July 19 following regulatory approval from the Bermuda Monetary Authority.

As of July 19, WestGen had total assets of $53.5 million and total liabilities of $30.4 million. WestGen was acquired at a discount to net tangible asset value.

WestGen's name will now be changed to Catalina General Insurance Ltd.