Catalina
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Insurance Insider takes a deep dive into the challenges facing the #2 run-off player following a regulatory probe, management turnover and a big 2020 loss. -
The business has seen an exodus of senior staff members in the past two years, including founding CEO Chris Fagan.
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Departures over the last 18 months include the CEO, CFO, COO and chief actuary.
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Michael Costonis will assume the new position of global head of marketing, strategy and innovation.
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The exit follows news earlier this year that founding CEO Chris Fagan was stepping down to be replaced by Bruce Hemphill.
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It is understood the book will be reinsured to close into Compre’s new legacy syndicate once the launch is approved.
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The move follows Axa LM's decision to cease bidding for new external deals, revealed in September last year.
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The legacy carrier also appoints Tony Cunningham and Fiona Walden following the departures of Aditya Dutt and Jacques Bonneau from the board.
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The new recruits join from Swiss Re and StarStone.
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Bruce Hemphill joined the board last year.
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The executive replaces Chris Fleming, who has been at Catalina since 2005.
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Its first transaction in the Asian market leaves the run-off group with assets totalling $7.2bn.
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