Catalina Holdings (Bermuda) Ltd, the global provider of capital management and risk transfer solutions, has appointed Philipp Waldstein as chief executive officer.

Mr Waldstein, who has been serving as group chief investment officer, will be replacing Ian Parker, who is retiring.

He joined Catalina in 2020 and has been serving as group CIO and a member of the executive management team.

The company said Mr Waldstein has been instrumental in driving Catalina’s strategic pivot into annuity reinsurance through the partnership with Athene and had successfully transformed the investment division.

Mr Waldstein has more than 35 years of experience in the insurance asset management and banking industry.

Before joining Catalina, he served as CIO and later CEO of MEAG, the international asset manager for Munich Re Group. He also served as chairman of the board of MEAG New York Inc and MEAG Hong Kong Ltd.

Mr Waldstein said: "I am honoured to be taking on this new role and look forward to working with the talented team at Catalina to continue driving the company's growth and success."

Manfred Puffer, chairman of Catalina’s board of directors, added: “Given his extensive experience and proven success at Catalina, Philipp is best placed to support the value creation for Catalina's stakeholders.

“On behalf of Catalina's board of directors, I am delighted to support Philipp's appointment as group CEO."

A company spokesman said: “Catalina would like to thank Ian Parker for his contributions to the company. During his tenure, Ian successfully led the change in strategic direction from non-life to life insurance. We wish him all the best in his retirement.”