Torus appoints board members
Specialty insurer Torus Insurance Holdings has appointed two new board members. The appointments follow the acquisition of the business by run-off specialist Enstar and private equity firm Stone Point Capital.
Patrick Tiernan, formerly chief executive officer of Zurich’s Centrally Managed Businesses, joins the board of Torus as executive director and chief financial officer. He succeeds Tim Harris, the current chief financial officer, in May.
Tiernan has over 16 years of experience in the insurance business, with the past 10 years at Zurich Insurance Group.
Walker Rainey also joins the board, bringing to Torus over 30 years of experience in the insurance industry, including eight years as managing director of Alterra Capital Europe, and 11 years as chief financial officer of XL Europe.
Dermot O’Donohoe, Torus chief executive officer, said: “Becoming part of Enstar is a very positive development for Torus. Enstar and Stone Point are long-term, best-in-class investors in the insurance industry and bring extensive expertise to Torus. We look forward to a strong and successful future. For our clients and broker partners, it is business as usual as we seamlessly transition into the Enstar group, and we look forward to continuing to provide excellent products and service.”
Nick Packer, chief executive officer of Bayshore Holdings, the immediate parent of Torus, said: “With today’s closing, we are excited to begin a new chapter for Torus. Together with the Stone Point and the Torus teams, we are hitting the ground running as we work to achieve our goals.”
Packer is joint chief operating officer of Enstar and leads Enstar’s underwriting, claims, and reinsurance operations. With Dominic Silvester and Paul O’Shea, Packer co-founded Enstar, a venture that began in the early 1990s.
