Grupo Catalana Occidente appoints Hugo Serra as new CEO

Press release

Sant Cugat del Vallés, 28 October 2021 - The appointment, which will take effect from 1 January 2022, marks the beginning of an orderly handover process of the current CEO, Ignacio Álvarez.

The Board of Directors of Grupo Catalana Occidente, at the proposal of the Appointments and Remuneration Committee, has approved at its meeting today, 28 October 2021, the appointment of Hugo Serra as the Group’s Chief Executive Officer to replace Ignacio Álvarez, who will leave the post for personal reasons after ten years as the company's chief executive.

Hugo Serra holds a BSBA (Bachelor of Science in Business Administration) from the University of Wales, a degree in Business Administration from the Universitat Politecnica de Catalunya (UPC) and an MBA from IESE. After holding various responsible positions in multinationals in the financial sector, he joined Grupo Catalana Occidente as a member of the Board of Directors in 2006. In 2008 he began a journey through different areas of the Group until 2009, when he began to provide support to the Chairmanship. In 2013, he was appointed deputy general manager to the Chairmanship. In this position, Hugo Serra has managed the Operations department; Investment department; and Innovation, Marketing and Business Development Department (IMD). He is also currently vice-chairman of the Group's board of directors, as well as a director of various companies.

The appointment of Hugo Serra, which will take effect on 1 January 2022, marks the beginning of an orderly handover process following the resignation of the current CEO, Ignacio Álvarez.

The chairman of Grupo Catalana Occidente, José María Serra, thanked Ignacio Álvarez, who joined the Group in 2004 after the acquisition of Seguros Bilbao, for his dedication and commitment. In his ten years as CEO, different operations were successfully executed, such as the purchase of Plus Ultra Seguros (2012); Previsora Bilbaína (2016) and more recently Antares (2019). In addition, in 2010 the Group completed the acquisition of Atradius, making it the world's second largest operator in the credit insurance business.

"Ignacio Álvarez's contribution and efforts have been fundamental in achieving the targets that the Group has set itself over the years," said José María Serra. At the same time, the chairman indicated that "the appointment of Hugo Serra will help to give continuity to Grupo Catalana Occidente's strategy based on its three pillars: growth, profitability and solvency".