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Enstar, Stone Point And Torus Announce Senior Management Appointments

Stocks in this article: ESGR

HAMILTON, Bermuda, May 15, 2014 (GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar") (Nasdaq:ESGR), Stone Point Capital LLC ("Stone Point") and Torus Insurance Holdings Limited ("Torus") today announced several senior management appointments.

Torus logo
Stone Point logo

The collective announcement follows the recent acquisition of Torus by Enstar and Stone Point, which was completed on April 1, 2014.

Torus Executive Team Appointments

Nick Packer, Enstar's Joint Chief Operating Officer, has been appointed Torus Group Chief Executive Officer and Chairman. Mr. Packer succeeds Dermot O'Donohoe, who is stepping down as Torus Group Chief Executive Officer, having 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 the following appointments:

  • John Shettle, the current Interim Chief Executive Officer of Torus' US operations, which includes Torus National Insurance Company, a US admitted markets insurer, and Torus Specialty Insurance Company, a US excess and surplus lines insurer, has been appointed Vice Chairman of Torus Group. Mr. Shettle has more than thirty 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. Mr. 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. Mr. 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. Mr. 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. Mr. Nokes succeeds Chief Financial Officer, Tim Harris. Mr. Nokes has 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.

Commenting on today's announcement, Mr. Packer said, "At its core, Torus is an attractive, exciting and well-positioned underwriting business, and there is a lot of talent and energy within the company. I look forward to leading the new executive team at Torus. We are confident that the underlying strength of the business and the initiatives we have in place will enable Torus to achieve long-term financial strength and success.

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