Catalina Holdings (Bermuda) Ltd has set its sights on entry into the Lloyd’s market in 2022, the company’s new group chief executive officer revealed.

Industry veteran Ian Parker, appointed to the post in February, was speaking as Catalina reported consolidated net income of $177 million and a dramatic increase in net operating income to $86 million for the year ended December 31, 2021.

Mr Parker said: “As shown in our FY2021 results this is an exciting time for Catalina, with the substantial increase in our net operating income, from $9 million in 2020 to $86 million in 2021, benefiting from strong investment income and favourable run-off income from Asia Capital Re, a transaction that completed in 2020.

“We are in a good place for making new acquisitions, with strength in our balance sheet and carried reserves. There is a high volume of deals in the current run-off market and we are already building momentum for 2022.”

He added: “Catalina has a strong history which we are seeking to build on.

“We hope to secure an entry into Lloyd’s this year, via one of the increasing number of alternatives available to us, as there is little doubt that Lloyd’s is a growing market for the sector.”

Before joining Catalina, Mr Parker served as CEO for seven years with Equity Red Star, the largest motor syndicate at Lloyd’s.

Catalina, an industry leader in the insurance legacy retrospective space, reported total shareholders’ equity as at December 31 of $1.4 billion, total assets of $6.66 billion and total liabilities of $5.23 billion.

Catalina is a long-term consolidator in the non-life insurance/reinsurance run-off sector.

Since it was established in 2005 to focus solely on the acquisition and management of non-life insurance/reinsurance companies in run-off, Catalina has acquired or reinsured $10 billion of non-life insurance and reinsurance liabilities.

The company, owned by Apollo and RenaissanceRe, is based in Bermuda and has 11 offices globally.