Reinsurance News

Catalina Holdings adds Old Mutual & Guardian Life execs to board

14th January 2020 - Author: Matt Sheehan

Catalina Holdings, the Bermuda-headquartered non-life run-off and legacy insurance and reinsurance specialist, has appointed Bruce Hemphill and Thomas Sorell to its board of directors.

catalina-holdings-logoEffective from December 2019, the two senior insurance executives will become Non-Executive Directors (NEDs) on the board.

Hemphill was the Chief Executive Officer (CEO) at Old Mutual PLC, and has experience working with governments, regulators, shareholders, bondholders and the media across international markets.

His previous board experience includes Chairman of Old Mutual Wealth 2016-17 and Non-Executive Director at Nedbank 2015-18.

Sorell, meanwhile, is currently Chief Investment Officer at Guardian Life Insurance Company, one of the largest mutual life insurers in the US, with $73.9 billion assets under management.

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He is set to relinquish this role in February, while remaining as an executive of the firm until December 2020.

At Catalina, Sorell will join Caroline Foulger and Jacques Bonneau, the company’s two existing Independent Non-Executive Directors.

“I am delighted to welcome Tom and Bruce to the Board as Non-Executive Directors,” said Chris Fagan, Chief Executive of Catalina.

He continued: “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.”

Sorell also commented: “I’m delighted to be joining the Catalina Board at what is a very exciting time for the firm. 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.”

“The insurance legacy space is one of the most interesting and fast evolving areas of the insurance market,” added Hemphill. “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.”

Catalina’s UK subsidiaries have also recently strengthened their boards with the appointment of two new Independent Non-Executive Directors, Walter Gontarek and Bob Howe.

These new appointments are in addition to the appointment of Steve Ryland as Chief Executive for the UK subsidiaries, announced in July.

Catalina’s Bermuda reinsurance company, Catalina General Insurance Ltd, also recently added Rees Fletcher and James O’Shaughnessy as Independent Non-Executive Directors.

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