Insurance legacy specialist Catalina Holdings (Bermuda) Ltd has added two major names to its board.
Appointed as non-executive directors are former Old Mutual Plc chief executive Bruce Hemphill (pictured) and Guardian Life Insurance Company’s chief investment officer Thomas Sorell. The latter will relinquish his current role in February.
“I am delighted to welcome Tom and Bruce to the board as non-executive directors,” stated Catalina chief executive Chris Fagan.
“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.”
Hemphill’s credentials include time spent leading a FTSE 100 company working with governments, regulators, shareholders, bondholders, and the media across international markets and jurisdictions.
Commenting on his appointment, the ex-Old Mutual boss asserted: “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.”
A long-term consolidator in the non-life (re)insurance run-off sector, Catalina has acquired or reinsured over $7.5 billion of non-life insurance and reinsurance liabilities since 2005.
“I’m delighted to be joining the Catalina board at what is a very exciting time for the firm,” noted Sorell, who has more than three decades of investment management experience within the insurance industry.
“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.”
