Catalina nabs industry veteran as new CEO with renewed focus on Lloyd’s
Bermuda-based legacy insurance specialist Catalina Holdings has hired a 25-year industry veteran who previously led Lloyd’s specialist motor insurer ERS as its new group chief executive officer (CEO) following a year-long “strategic review” of the business.
Ian Parker (pictured) will join Catalina as group CEO with immediate effect.
Parker succeeds Bruce Hemphill, who stepped in as interim CEO from the role of non-executive chairman in February 2021 and led a strategic review of the business and oversaw the implementation of the resulting operating model and other business changes designed to deliver improved performance with greater operational focus.
The company said the implementations are “well underway”. Hemphill will now step back into his previous role, with Caroline Foulger, who stepped in for him as interim chair in February 2021, moving back into her previous role as senior independent non-executive director.
Parker has more than 25 years of experience across all aspects of the P&C industry. He previously held leadership roles at leading financial services firms including Equity Red Star, Hardy Underwriting, Zurich, RBS, and Direct Line Group.
In his most recent position at ERS, the largest motor syndicate at Lloyd’s, Parker was CEO for seven years and led a major turnaround on the business. He has also worked closely with regulators across multiple jurisdictions, and has deep experience with all of Catalina’s key markets as well as Lloyd’s, which is a “renewed focus area” for the company.
Hemphill, Catalina’s chairman, said: “I am delighted to welcome Ian to Catalina. The business has made significant progress over the past year. We have clarified the company’s strategy and made operational changes which are delivering improved business results. Catalina is now well positioned as a large, mature, and robustly managed leader in the run-off sector. Ian’s broad P&C experience, industry connectivity, and track record of running insurance businesses while creating significant value for private equity owners make him the right person to lead Catalina today. The board and I look forward to working with him and the Executive team to deliver new transactions and drive growth in 2022 and beyond.”
Alex Humphreys, Apollo Partner and Catalina director, added: “Ian is a seasoned insurance executive with an excellent track record, and we’re excited to welcome him to Catalina. We’re confident Ian’s leadership and expertise will help accelerate the next stage of growth and we look forward to working with him.
“On behalf of the Board and Apollo, I’d also like to thank Bruce for his significant contribution over the last twelve months. He hands over the business in excellent shape and well positioned to capitalise on the market opportunity. We’re delighted that he is stepping back into the Chair role to continue contributing to Catalina’s success, and I’d like to thank Caroline for taking on the role in the interim.”
Parker commented: “I am very excited to join Catalina at this inflection point and see tremendous opportunities ahead for the business. With its renewed strategic focus, improved operations, and financial support of its owners, Apollo and RenaissanceRe, Catalina is well set to further consolidate its leadership position in the run-off market and to go from strength to strength. I am looking forward to working with the very experienced team Bruce has assembled, the Board, Apollo and RenaissanceRe to deliver future run-off transactions and drive positive outcomes for all stakeholders.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
