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Catalina boosts board with two appointments

Two board appointments have been made by Catalina Holdings (Bermuda) Ltd.

The company is a long-term consolidator in the non-life insurance and reinsurance run-off sector.

It has appointed Bruce Hemphill and Thomas Sorell as non-executive directors.

Mr Hemphill was the chief executive officer of Old Mutual Plc. Catalina said he brings significant financial services expertise and experience, that 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 to 2017 and non-executive director at Nedbank from 2015 to 2018.

Meanwhile, Mr Sorell joins Catalina as an independent non-executive director. He has more than 30 years of investment management experience within the insurance industry. He is chief investment officer at New York-based Guardian Life Insurance Company, one of the largest mutual life insurance companies in the United States with $73.9 billion assets under management.

Mr Sorell will relinquish this role next month, while remaining as an executive of the firm until December. He will join Caroline Foulger and Jacques Bonneau, Catalina's two existing independent non-executive directors.

Pro forma for the acquisition of Asia Capital Reinsurance, which is subject to regulatory approval, Catalina will have net reserves of $3 billion, shareholder equity of $1.4 billion and total assets of $7.5 billion.

Chris Fagan, chief executive of Catalina, said he was delighted to welcome Mr Hemphill and Mr Sorrell.

He said: “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.”

Mr Sorell said: “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.”

While Mr Hemphill said: “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 recently strengthened their boards with the appointment of two new independent non-executive directors, Walter Gontarek and Bob Howe.

Catalina's Bermudian-based reinsurance company, Catalina General Insurance Ltd, recently added Rees Fletcher and James O'Shaughnessy as independent non-executive directors.

Delighted by appointments: Chris Fagan, chief executive of Catalina

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Published January 13, 2020 at 8:00 am (Updated January 12, 2020 at 11:54 pm)

Catalina boosts board with two appointments

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