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Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy space, announces that Chris Fagan, co-founder, is stepping down as Chief Executive. He will be succeeded as Chief Executive by Bruce Hemphill, current Chair of the Catalina Board, who has been working alongside Chris on the board since 2019. Caroline Foulger, currently Senior Independent non-Executive Director, will be appointed Chair of the Catalina Board.
Chris has led Catalina for fifteen years since he founded it together with Dean Dwonczyk in 2005. Under Chris’ leadership, Catalina has grown from a start-up to a market leader with $7 billion of total assets and $1.4 billion of shareholders’ equity. It is the only pure-play global run-off player with a strong reputation as a reliable counterparty, a track record of consistent profitable growth, and a differentiated approach to liability management and M&A.
The strength of Catalina’s platform was recognised when it was acquired in 2018. In connection with the acquisition, the shareholders identified several key business initiatives to continue developing Catalina including continued growth through acquisitions, strengthening the leadership team, and improving governance. Having achieved these objectives, Chris believes this is the right time to pass on the leadership baton allowing him to pursue other interests. Chris will continue to work closely with Bruce and Caroline throughout 2021 to ensure a successful transition.
Bruce has more than 30 years of senior management experience in financial services with a strong track record of generating value for shareholders. Most recently he was CEO of Old Mutual, £9 billion publicly listed financial services group, where he successfully completed a major global restructuring. Catalina will benefit from his strong leadership experience in the next stage of its development as it continues to grow through acquisitions and reinsurance.
Gernot Lohr, Catalina Director, said:
“We are grateful for Chris’ leadership and significant contribution in establishing Catalina as a market leader. He leaves Catalina in excellent shape with a strong balance sheet and well-positioned to take advantage of the substantial market opportunity in non-life legacy.”
Chris Fagan, Catalina’s co-founder and outgoing Group Chief Executive said:
“Since Catalina was established in 2005, non-life legacy has grown consistently and matured into an important part of the insurance and re-insurance market. Catalina has been instrumental in developing the legacy market and today is one of only two mature global businesses in the sector. I am pleased to have played a key role in helping to develop a significant industry segment and I wish Catalina every success in the future.”
Bruce Hemphill, Catalina’s new Group Chief Executive said:
“Chris has done an excellent job building Catalina into an established global franchise in the non-life legacy insurance industry over the last 15 years and he’s leaving the business in good shape. Catalina is well-placed to leverage its franchise for growth at an exciting time for the industry. I look forward to the challenge and opportunity to lead Catalina during its next stage and I would like to thank Chris and wish him well for the future.”
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 $9bn of non-life insurance and reinsurance liabilities. Catalina has received approvals from Bermudian, Irish, Malaysian, Singaporean, 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.