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Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy space, is pleased to announce the appointments of Bruce Hemphill and Thomas Sorell as two new Non-Executive Directors (NEDs) to its Board. The roles are effective from December 2019.
Bruce Hemphill, who was the CEO of Old Mutual PLC, brings significant financial services expertise and experience. This includes leading a FTSE 100 company working with governments, regulators, shareholders, bondholders and the media across international markets and jurisdictions. His previous board experience includes Chairman of Old Mutual Wealth 2016-17 and Non-Executive Director at Nedbank 2015-18.
Thomas Sorell joins Catalina’s Board as an Independent Non-Executive Director, bringing over 30 years of investment management experience within the insurance industry. Currently Chief Investment Officer at New York based Guardian Life Insurance Company, one of the largest mutual life insurance companies in the United States with $73.9bn assets under management, Sorell will relinquish this role in February, while remaining as an executive of the firm until December 2020. He will join Caroline Foulger and Jacques Bonneau, Catalina’s two existing Independent Non-Executive Directors.
The board appointments will strengthen Catalina’s expertise and bolster governance. The appointments also reflect the increased size and significance of Catalina following its continued steady growth. Pro forma for the acquisition of Asia Capital Reinsurance, which is subject to regulatory approval, Catalina will have net reserves of $3.0bn, shareholder equity of $1.4bn and total assets of $7.5bn.
Commenting Chris Fagan, Chief Executive of Catalina said: “I am delighted to welcome Tom and Bruce to the Board as Non-Executive Directors.
“Both heavyweights in the insurance industry, they bring valuable experience, broadening our board expertise, strengthening our governance, and enriching our board discussion as we continue to pursue opportunities and consolidate our position as an industry leader in the growing international insurance legacy market.”
Thomas Sorell added: “I’m delighted to be joining the Catalina Board at what is a very exciting time for the firm. Enjoying strong momentum from recent high-profile deals and last year’s successful equity raise, Catalina is well positioned to capitalise on the significant opportunities currently present in the legacy space.”
Bruce Hemphill comments: “The insurance legacy space is one of the most interesting and fast evolving areas of the insurance market. As one of the leading firms operating in this space, I’m pleased to be joining Catalina’s Board to advise them as they continue to pursue their ambitions.”
Catalina’s UK subsidiaries have also recently strengthened their boards with the appointment of two new Independent Non-Executive Directors, Walter Gontarek and Bob Howe, making a total of four INEDs on the UK subsidiary boards including Independent Chairman Tim Cox.
These new appointments are in addition to the appointment of Steve Ryland as Chief Executive for the UK subsidiaries, announced in July.
Catalina’s Bermuda reinsurance company, Catalina General Insurance Ltd, also recently strengthened its Board adding Rees Fletcher and James O’Shaughnessy as Independent Non-Executive Directors.
About Catalina Holdings (Bermuda) Ltd
Catalina Holdings (Bermuda) Ltd (“Catalina”) is a long-term consolidator in the non-life insurance/reinsurance run-off sector. Catalina was established in 2005 to focus solely on the acquisition and management of non-life insurance/reinsurance companies in run-off. Since its foundation, Catalina has acquired or reinsured over $7.5bn of non-life insurance and reinsurance liabilities (excluding the acquisition of ACR which has not yet closed). Catalina has received approvals from Bermudian, Irish, Swiss, UK (PRA and FCA) and various US state insurance regulators for prior acquisitions and reinsurance transactions. Catalina operates from 11 global offices situated across the United States, Bermuda, Ireland, United Kingdom and Switzerland. For further details about Catalina’s acquisitions or its management team please refer to www.catalinare.com.