Catalina Holdings has appointed Bruce Hemphill and Thomas Sorell as two new non-executive directors (NEDs) to its board.
Hemphill was the CEO of Old Mutual and served as chairman of Old Mutual Wealth between 2016 and 2017, and as a NED at Nedbank between 2015 and 2018.
Sorell joins Caroline Foulger and Jacques Bonneau as an independent NED. He has over 30 years of investment management experience within the insurance industry and is currently chief investment officer at New York-based Guardian Life Insurance Company, which has $73.9 billion in assets under management. He will relinquish this role in February, while remaining as an executive of the firm until December.
Catalina said the appointments strengthen the group’s expertise and bolster governance, while also reflecting its growing size and significance in the market. Following the acquisition of Asia Capital Reinsurance, which is subject to regulatory approval, Catalina will have net reserves of $3 billion, shareholder equity of $1.4 billion and total assets of $7.5 billion, it said.
Chris Fagan, CEO at Catalina, described Hemphill and Sorell as “heavyweights in the insurance industry,” who will enrich the group’s board discussions.
Sorell said: “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.”
Hemphill described Catalina as one of the leading firms operating in the legacy space, which he called “one of the most interesting and fast evolving areas of the insurance market.”
Catalina General Insurance, the group’s Bermuda reinsurance company, also recently strengthened its board, with the appointments of Rees Fletcher and James O’Shaughnessy as independent NEDs.
Catalina, Bruce Hemphill, Thomas Sorell, Chris Fagan