With the acquisition of Torus Insurance Holdings Limited having been completed on April 1, acquirers Enstar Group Limited and Stone Point Capital LLC joined Torus in announcing senior management appointments, including a new Torus chief executive, Nick Packer.
Packer, Enstar’s Joint Chief Operating Officer, has been appointed Torus Group CEO and Chairman, succeeding Dermot O’Donohoe, who is stepping down as Torus Group Chief Executive Officer.
O’Donohoe helped to steer the company through the transition period following the July 2013 announcement of the acquisition of Torus by Enstar and Stone Point.
In addition, Torus announced that:
• John Shettle, current Interim CEO of Torus’ U.S. operations (Torus National Insurance Company and Torus Specialty Insurance Company) has been appointed Vice Chairman of Torus Group.
Shettle has more than 30 years of experience in the global insurance industry, including senior positions at Victor O. Schinnerer Company and Securitas Capital, LLC. Demian Smith has been appointed Chief Executive Officer of Torus’ International business segment, which includes Torus’ Lloyd’s, London market and Continental European operations.
• Smith has been with Torus since 2010, having joined the company as Global Head of Torus’ Marine business. In addition to this role, he also serves as Chairman of Torus’ Group Underwriting Committee.
• David Message has been appointed Chief Underwriting Officer of Torus’ International business segment.
Message has been with Torus since 2009, is Global Head of Torus’ Property and Energy business and Chief Underwriting Officer of Torus Insurance (UK) Limited.
• Patrick Tiernan has been appointed Torus Group Chief Operating Officer.
Tiernan has 16 years of experience in the insurance industry, spending the last 10 years at Zurich Insurance Group where he most recently served as Chief Executive Officer of Zurich’s Centrally Managed Businesses.
• Gareth Nokes has been appointed Torus Group Chief Financial Officer.
Nokes succeeds Chief Financial Officer, Tim Harris.
Nokes served as Senior Vice President of Group Finance at Enstar since 2012, and previously served as Chief Financial Officer of Enstar’s European business since 2006.
Following Mr. Packer’s appointment to Torus Group Chief Executive Officer and Chairman, Enstar announced that David Atkins will take on additional responsibilities at Enstar as Global Head of Claims.
Atkins has served as Chief Operating Officer of Enstar (EU) Limited since 2010. He has been with Enstar since 2003, serving in various senior leadership roles in Enstar’s European operations.
Enstar is a Bermuda company with a core focus of acquiring and managing insurance and reinsurance companies in runoff and portfolios of insurance and reinsurance business in runoff, and providing management, consultancy and other services to the insurance and reinsurance industry. Enstar recently expanded into the active underwriting business with its 2013 acquisitions of Atrium Underwriting Group Ltd. and Arden Reinsurance Company Ltd. and its April 2014 acquisition of Torus Insurance Holdings Limited.
Stone Point is a financial services-focused private equity firm based in Greenwich, Conn. The firm has raised six private equity funds — the Trident Funds — with aggregate committed capital of approximately $13 billion. Stone Point targets investments in the global financial services industry, including investments in insurance and reinsurance companies, banks and depository institutions, companies that provide outsourced services to financial institutions, asset management firms, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies.
Torus is an international, A- rated insurance group with six wholly owned insurance platforms, including Lloyd’s Syndicate 1301. The Group underwrites business across the Property, Specialty and Casualty risk classes from operations in London, Continental Europe and the US.
Sources: Enstar, Stone Point, Torus