Catalina Holdings (Bermuda) Ltd., the legacy re/insurance acquisition specialist, announced 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 Fagan on the board since 2019.
Caroline Foulger, currently senior independent non-executive director, will be appointed chair of the Catalina board.
Fagan has led Catalina for 15 years since he founded it with Dean Dwonczyk in 2005. Under Fagan’s 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.
Hemphill has more than 30 years of senior management experience in financial services with a strong track record of generating value for shareholders, said Catalina in a statement.
Most recently he was CEO of Old Mutual, £9 billion publicly listed financial services group, where he successfully completed a major global restructuring.
Catalina describes itself as 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.
In connection with its 2018 acquisition by Apollo Funds, 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, Fagan believes this is the right time to pass on the leadership baton, allowing him to pursue other interests.
Fagan will continue to work closely with Hemphill and Foulger throughout 2021 to ensure a successful transition.
“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,” commented Gernot Lohr, Catalina director.
“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,” said Fagan. “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.”
Source: Catalina Holdings (Bermuda) Ltd.
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