Fagan steps down as Catalina CEO, Hemphill named as his replacement

Chris Fagan, the co-founder of Catalina Holdings, is stepping down as chief executive of the re/insurer. He will be succeeded by Bruce Hemphill, the current chair of Catalina’s board, who has been working alongside Fagan since 2019.

Hemphill has more than 30 years of senior management experience in financial services and was previously chief executive officer at Old Mutual, a £9 billion publicly listed financial services group.

Caroline Foulger, currently senior independent non-executive director, becomes chair of the Catalina board. Fagan will continue to work closely with Hemphill and Foulger throughout 2021 to ensure a successful transition.

Fagan has led Catalina for fifteen years since founding the company alongside Dean Dwonczyk in 2005, overseeing its growth to a company with $7 billion of total assets and $1.4 billion of shareholders’ equity.

Catalina was acquired by Apollo Global Management in 2018, at which point shareholders identified the need to strengthen the leadership team and improve governance. Catalina said Fagan had achieved these objectives.

Hemphill praised Fagan’s role in establishing Catalina as a global franchise in the non-life legacy insurance industry. “Catalina is well-placed to leverage its franchise for growth at an exciting time for the industry,” he said.

Fagan said: “Since Catalina was established in 2005, non-life legacy has grown consistently and matured into an important part of the insurance and reinsurance market. Catalina has been instrumental in developing the legacy market and today is one of only two mature global businesses in the sector.”

Gernot Lohr, a director at Catalina, said Fagan “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.”