Catalina splits chairman and CEO role to strengthen governance

Bermuda-based Catalina Holdings has appointed former Old Mutual CEO Bruce Hemphill as non-executive chairman of its board, and Caroline Foulger as senior independent non-executive director.

Formerly CEO of Old Mutual, Hemphill was previously appointed as a non-executive director to Catalina’s board in 2019. He served as chairman of Old Mutual Wealth from 2016-17, chairman of Old Mutual Emerging Markets 2015-16 and non-executive director at Nedbank 2015-18. He also serves on the board of Aspen Insurance.

Foulger has been an independent non-executive director of Catalina since 2014 and chairs the company’s audit committee, as well as being a member of its conflicts committee. She was a partner at PwC Bermuda for 12 years, specialising in serving the insurance and reinsurance industry with audit and advisory services.

The appointments aim to strengthen Catalina’s governance, and reflect the increased size of the company with total asset of $7.2 billion following the acquisition of Asia Capital Reinsurance, as well as its strategic growth plans.

Chris Fagan, chief executive of Catalina said: “Bruce’s appointment as Non-Executive Chairman is an important step in Catalina’s governance splitting the combined Chairman and Chief Executive role for the first time. Bruce has made a valuable contribution since being appointed as a Non-Executive Director last year, and his leadership of the board will strengthen our governance.

“Caroline’s expertise in the insurance and reinsurance industry and experience serving on other boards will be valuable in helping the business achieve its plans. I look forward to working with Bruce and Caroline as Catalina continues its next phase of strategic development.”

Hemphill commented: “I’m delighted to be appointed as Non-Executive Chairman of Catalina. This is a great business which has made tremendous progress in recent years and firmly established itself as one of the leading players in the insurance legacy space. I look forward to working with Chris, Caroline, the other board members and Catalina’s management, as it continues to capitalise on the significant opportunities present in the fast-evolving legacy space.”

Caroline Foulger comments: “I am pleased to be appointed to Senior Independent Non-Executive Director following several years of serving on the Board. It is an exciting time for Catalina, and I look forward to supporting the business to build upon its success to date.”