Catalina changes structure to attract new global business
Catalina Holdings (Bermuda) Ltd has changed its management structure in an effort to increase its focus on global expansion.
The company, an industry leader in the insurance legacy retrospective space, said it will focus on growth while maintaining its underwriting discipline, and support its growth plans while bolstering its market positioning.
Catalina has established a new team focused on global origination with a presence in UK/Europe, North America, Bermuda and the Asia-Pacific.
The team will be led by Steve Ryland, Catalina’s head of global distribution.
Mr Ryland will focus on the British and European markets, Parri Spector will focus on North America and Malcolm Steingold will lead the Asia-Pacific region.
Mr Ryland and Mr Spector will have shared responsibility for Bermuda.
The team will be supported by the Catalina M&A team now led by Graham Taylor.
Mr Steingold, who joins Catalina on June 1, has 39 years of insurance, reinsurance and associated industry experience, during which time he was appointed, among other things, chairman and chief executive officer of Aon Benfield Asia Pacific.
During his tenure, premium revenue grew from $800 million in 2005 to $6 billion in 2017, Catalina said.
Ian Parker, Catalina’s group chief executive officer, said: “Since joining Catalina in February, I have already noticed an increasing number of opportunities in the market.
“With our new structure, not only do we hope to ensure that we see all the deals being marketed by brokers, banks and other intermediaries, but also create opportunities ourselves by leveraging our knowledge and contacts to create longer-term partnerships.
“Separating origination from the M&A process just plays to the strengths of each team and is the next logical step to continue scaling Catalina as an innovative solutions provider to global insurers.”
Catalina provides capital and risk management solutions to insurers and reinsurers in the global P&C insurance sector. The company has made 31 acquisitions and/or loss portfolio transfers to date with total reserves more than $10 billion.