RiverStone International has completed the acquisition of Catalina Insurance Ireland, an insurance company regulated by the Central Bank of Ireland.

The acquiring company is an industry-leading acquirer and reinsurer of legacy and discontinued insurance business operating in the Bermuda, British company, Lloyd’s of London markets, and Europe.

RiverStone said it was the largest provider of legacy solutions in Lloyd’s.

The transaction received regulatory approval in January and closed last Friday.

RiverStone said Catalina Insurance Ireland had total reserves of approximately $350 million emanating mainly from a German med-mal portfolio and a British and Irish motor portfolio.

Luke Tanzer, group chief executive officer of RiverStone International, said: “We are very pleased to welcome the Irish team to RiverStone International.

“This acquisition demonstrates our commitment to delivering on our geographical expansion strategy and in particular our objective to continue to grow our capabilities within the European market."

RiverStone said it had transacted a wide variety of deals – from insurance and reinsurance portfolio transfers to company purchases, acquiring more than $14.1 billion of liabilities since 2010 and with around $7.5 billion of total liabilities.