Chris Fagan, co-founder of legacy specialist Catalina Holdings, is to step down from his role as Chief Executive Officer (CEO) and be succeeded by Bruce Hemphill, current Chair of the Catalina Board.
Fagan has led Catalina for the past 15 years since he founded the legacy firm with Dean Dwonczyk in 2005.
During this time, the company has grown from a startup to market leader with $7 billion of total assets and $1.4 billion of shareholders’ equity.
In 2018, Catalina closed a $700 million equity capital raise and concluded its shareholder restructuring. The deal saw affiliates of Apollo Global Management, together with its consolidated subsidiaries, become majority shareholders of Catalina, while RenaissanceRe took a minority shareholding in the run-off specialist.
In connection with the acquisition of Catalina, stakeholders identified a number of key business initiatives to further develop the firm including via acquisitions, appointments, and improving governance.
The company states that having achieved these goals, Fagan feels it is the right time to pass on the leadership, allowing him to pursue other interests. Throughout 2021, Fagan will continue to work closely with his replacement Hemphill and also Caroline Foulger, currently Senior Independent non-Executive Director who is to be appointed Chair of the Catalina Board.
“We are grateful for Chris’ leadership and significant contribution in establishing Catalina as a market leader. He 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,” said Gernot Lohr, Catalina Director.
Hemphill has been working alongside Fagan on the Board of the company since 2019, and has more than three decades of senior management experience in financial services.
Most recently, he served as CEO of Old Mutual, where he successfully completed a major global restructuring. As Catalina continues to expand through both acquisitions and reinsurance, it’s hoped that Hemphill’s strong leadership skills will benefit the firm.
Commenting on his new role, Hemphill said: “Chris has done an excellent job building Catalina into an established global franchise in the non-life legacy insurance industry over the last 15 years and he’s leaving the business in good shape. 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.”
Fagan added: “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.”
