Reinsurance News

Catalina reports net income of $177mn for 2021, targets entry to Lloyd’s

14th April 2022 - Author: Katie Baker

Legacy specialist Catalina Holdings (Bermuda) has reported consolidated net income of $177 million for the year ended December 31 2021, and net operating income of $86 million.

catalina-holdings-logoThe company also announced that its total shareholders’ equity came in at $1.4 billion, with total assets of $6.66bn and total liabilities of $5.23bn.

In February, the company also announced a new Chief Executive Officer, Ian Parker, replacing Bruce Hemphill, who stepped in as interim CEO in February 2021, and who will now return to his previous role as non-executive Chair of the Board.

Likewise, Caroline Foulger, who stepped in for Bruce as Interim Chair in February 2021, will step back into her previous role as Senior Independent non-Executive Director.

Parker holds over 25 years of experience across the P&C industry, having previously held leadership roles at financial services firms including Equity Red Star, Hardy Underwriting Ltd, Zurich, RBS, and Direct Line Group.

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Parker commented: “As shown in our FY2021 results this is an exciting time for Catalina, with the substantial increase in our net operating income, from $9mn in 2020 to $86mn in 2021, benefiting from strong investment income and favourable run-off income from Asia Capital Re, a transaction that completed in 2020.

“We are in a good place for making new acquisitions, with strength in our balance sheet and carried reserves.

“There is a high volume of deals in the current run-off market and we are already building momentum for 2022. Catalina has a strong history which we are seeking to build on.

“We hope to secure an entry into Lloyd’s this year, via one of the increasing number of alternatives available to us, as there is little doubt that Lloyd’s is a growing market for the sector.”

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