Industry veteran Ian Parker has been appointed group chief executive officer at Catalina Holdings (Bermuda) Ltd.

Mr Parker succeeds Bruce Hemphill, who stepped in as interim CEO from the role of non-executive chairman last February.

During the past 12 months, Mr Hemphill led a strategic review of the business and oversaw the implementation of the resulting operating model and other business changes, which were designed to deliver improved performance with greater operational focus.

With implementation well under way, Mr Hemphill will step back into his previous role as non-executive chair of the board.

Caroline Foulger, who stepped in for Mr Hemphill as interim chair a year ago, will return to her previous role as senior independent non-executive director.

Mr Parker has more than 25 years of deep experience across all aspects of the P&C industry. He previously held leadership roles at leading 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, Mr Parker was CEO for seven years and led a major turnaround resulting in significant value creation for its investors, Catalina said.

The company said Mr Parker had a strong operational track record and had worked closely with regulators across multiple jurisdictions. He has deep experience with all of Catalina’s key markets as well as Lloyd’s, which is a renewed focus area for Catalina.

Mr Hemphill said: “I am delighted to welcome Ian to Catalina. 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.

“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, said: “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 12 months. 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.”

Mr Parker said: “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.”

He added: “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.”