Legacy space insurer Catalina Holdings (Bermuda) Ltd has announced the appointment of Ian Parker as its new Group Chief Executive.
He succeeds 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 has more than 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.
In his most recent position at ERS, the largest motor syndicate at Lloyd’s, Parker served as CEO for seven years and is credited with leading a major turnaround in the business.
He has also worked closely with regulators across multiple jurisdictions and is familiar with Catalina’s key markets as well as Lloyd’s, which is a renewed focus area for Catalina.
“I am delighted to welcome Ian to Catalina,” said outgoing CEO Hemphill. “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,” Hemphill continued.
“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, also commented: “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,” Humphrey’s added. “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 further stated: “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.”
