Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy space, announces the appointment of Bruce Hemphill as Non-Executive Chairman of its Board and Caroline Foulger as Senior Independent Non-Executive Director, effective from 26th May 2020.
Bruce, who was previously appointed as a Non-Executive Director to Catalina’s Board in 2019, brings significant financial services expertise and experience.
As the former CEO of Old Mutual PLC, his experience includes 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, Chairman of Old Mutual Emerging Markets 2015-16 and Non-Executive Director at Nedbank 2015-18. He also serves on the board of Aspen Insurance.
Caroline has been an Independent Non-Executive Director of Catalina since 2014 and chairs the company’s Audit Committee, as well as being a member of its Conflicts Committee. Caroline, who is a Bermuda resident, was a partner at PwC Bermuda for 12 years, specialising in serving the insurance and reinsurance industry with audit and advisory services.
Both board appointments will strengthen Catalina’s governance. The appointments reflect the increased size of Catalina with total asset of US$7.2 billion following the acquisition of Asia Capital Reinsurance, as well as its strategic growth plans.
Chris Fagan, Chief Executive of Catalina said: “Bruce’s appointment as Non-Executive Chairman is an important step in Catalina’s governance splitting the combined Chairman and Chief Executive role for the first time. Bruce has made a valuable contribution since being appointed as a Non-Executive Director last year, and his leadership of the board will strengthen our governance.
“Caroline’s expertise in the insurance and reinsurance industry and experience serving on other boards will be valuable in helping the business achieve its plans. I look forward to working with Bruce and Caroline as Catalina continues its next phase of strategic development.”
Bruce Hemphill comments: “I’m delighted to be appointed as Non-Executive Chairman of Catalina. This is a great business which has made tremendous progress in recent years and firmly established itself as one of the leading players in the insurance legacy space. I look forward to working with Chris, Caroline, the other board members and Catalina’s management, as it continues to capitalise on the significant opportunities present in the fast-evolving legacy space.”
Caroline Foulger comments: “I am pleased to be appointed to Senior Independent Non-Executive Director following several years of serving on the Board. It is an exciting time for Catalina, and I look forward to supporting the business to build upon its success to date.”
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.