Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy retrospective space, is pleased to announce the appointment of Andrew Diaz-Matos as Chief Commercial Officer and Chief Legal Officer reporting to Group Chief Executive Officer Ian Parker, effective 15 August 2022.
Andrew is taking over the Chief Commercial Officer role from Steve Ryland, who has moved internally to Head of Global Distribution. Andrew will lead operational management of the insurance subsidiaries. As Chief Legal Officer, he succeeds Keith Lyon, Catalina’s General Counsel who will be retiring later in the year.
Andrew joins from CapSpecialty, where he was Senior Vice President, General Counsel and Corporate Secretary. He also oversaw the Claims, HR, and IT functions for the Alleghany (NYSE:Y)-owned specialty insurance company. Prior to CapSpecialty, Andrew held legal roles of increasing responsibility at The Hartford (NYSE:HIG), with a particular focus on operations, transactions, strategy, and corporate governance. He began his legal career in the Mergers & Acquisitions practice of White & Case in New York. He has nearly a quarter century’s legal experience, including the past 16 in the financial services/insurance industry. He has completed live and runoff insurance transactions involving more than $300 billion in assets and liabilities.
Andrew Diaz-Matos commented: I am thrilled to be joining Catalina at this juncture in its development. I have admired Catalina for many years, including from the 2017 sale of The Hartford’s UK P&C runoff business to Catalina. I look forward to working with the insurance companies’ CEOs in managing liabilities and improving operational efficiency and to building out a world-class legal organization, all in support of Catalina’s profitable growth.
Ian Parker, Catalina’s Group Chief Executive Officer, commented: I am delighted Andrew is joining Catalina at such an exciting time. In my experience it is rare to find a lawyer that can lead both a legal team and a commercial one. Andrew’s extensive experience managing outside the legal function will be incredibly valuable and I have absolute confidence that he is exactly what Catalina needs.
Catalina Holdings (Bermuda) Ltd provides capital and risk management solutions to insurers and reinsurers in the global P&C insurance sector. Catalina has made 31 acquisitions and/or Loss Portfolio Transfers to date with total reserves more than $10bn.
Catalina, an industry leader in the insurance retrospective space reported consolidated net income of $177m for the year ended December 31, 2021, and net operating income of $86m. Total shareholders’ equity as at December 31, 2021 was $1.4 billion, total assets of $6.66bn and total liabilities of $5.23bn.
Catalina is a leading global provider and capital management and risk transfer solutions to the global P&C insurance sector. We seek to acquire non-life (re)insurance liabilities or provide risk transfer solutions for blocks of business where our clients wish to improve their return on equity and or improve their capital position and profitability profile. We also acquire or reinsure blocks or business for which clients are seeking to exit, de risk or release the capital intense allocation from their business model.