Bermuda-based legacy specialist Catalina Holdings' CEO and co-founder Chris Fagan is stepping down after over 15 years in the top role. He will be succeeded by Bruce Hemphill, the current chair of Catalina’s board, who has been working alongside Fagan since 2019.
Hemphill has more than 30 years of senior management experience in financial services and was previously chief executive officer at Old Mutual, a £9 billion publicly listed financial services group.
Caroline Foulger, currently senior independent non-executive director, becomes chair of the Catalina board. Fagan will continue to work closely with Hemphill and Foulger throughout 2021 to ensure a successful transition.
Fagan has led Catalina for 15 years since founding the company alongside Dean Dwonczyk in 2005, overseeing its growth to a company with $7 billion of total assets and $1.4 billion of shareholders’ equity.
Catalina was acquired by Apollo Global Management in 2018, at which point shareholders identified the need to strengthen the leadership team and improve governance. Catalina said Fagan had achieved these objectives.
Gernot Lohr, a director at Catalina, said Fagan “leaves Catalina in excellent shape, with a strong balance sheet and well-positioned to take advantage of the substantial market opportunity in non-life legacy.”
Hemphill praised Fagan saying that he has done “an excellent job” in building Catalina into an established global franchise in the non-life legacy insurance industry. "Catalina is well-placed to leverage its franchise for growth at an exciting time for the industry. I look forward to the challenge and opportunity to lead Catalina during its next stage and I would like to thank Chris and wish him well for the future,” he said.
Outgoing chief executive Fagan commented: “Since Catalina was established in 2005, non-life legacy has grown consistently and matured into an important part of the insurance and re-insurance market. Catalina has been instrumental in developing the legacy market and today is one of only two mature global businesses in the sector. I am pleased to have played a key role in helping to develop a significant industry segment and I wish Catalina every success in the future.”
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Catalina, Resignation, Appointment, Insurance, Reinsurance, Chris Fagan, Bruce Hemphill, Bermuda