Align Financial Group LLC, a San Diego-based insurance holding company, said it formed Catalytic Holdings LLC, a specialist property catastrophe underwriting manager to allow Catalytic to acquire the property casualty business of Align General Insurance Agency and all of the stock of Western Re Managers Insurance Services Inc.

Catalytic is merging the existing teams and businesses and plans to acquire additional property catastrophe companies and assets over time to create a major new property catastrophe insurance industry player, according to the company.

“The Align and Western RE underwriting teams share a desire to create an extraordinary property underwriting business that will deliver an enhanced value proposition to our wholesale customers and carrier partners,” said Kieran Sweeney, CEO of Align and Catalytic.

Catalytic represents leading syndicates at Lloyd’s of London as well as international and domestic carrier partners, has 25 employees, and offices in San Diego, Los Angeles, and Chicago, the company said.