Catalina Holdings (Bermuda) Ltd will acquire Danielson Indemnity Company, the holding company of National American Insurance Company of California and Danielson National Insurance Company, from Covanta Holdings Corporation.

Catalina said that the transaction is expected to close in the fourth quarter of this year, subject to approval by the California Department of Insurance.

Chris Fagan, the chairman and chief executive of Catalina, said, “This is a small transaction for both Catalina and Covanta. It provides Covanta with a clean exit from the insurance business and adds the expertise of the team in Long Beach to Catalina's operations in North America.”