Bermuda domiciled insurance and reinsurance focused holding company Paraline Group has retained Andrew Holderness, the former insurance practice lead at Clyde & Co., as a Senior Advisor to its as well as to owners Elliott Management and their investee companies which include ILS specialist Aeolus Capital Management.
Paraline Group is controlled by multi-strategy hedge fund investment firm Elliott Management and private equity sponsor and investor Wand Partners.
As Elliott Management owns a controlling interest in Aeolus, which it bought into in early 2017, the new advisory position will also cover the specialist reinsurance linked investment manager, as well as other entities Elliott has a stake in.
Holderness retired recently from his position with Clyde & Co as the Global Head of its Corporate Insurance Group. As well as his senior advisory role with Paraline, Holderness also recently served on the committee of the Capital Lab at Lloyd’s, part of the Future at Lloyd’s initiatives with a focus on how capital investors access the market.
Bruce Schnitzer, Chairman of Paraline, commented on the appointment, “We are delighted to have Andrew join us as a Senior Advisor. We have long benefitted from his sound advice and counsel and look forward to working more closely together to provide assistance to our current investments and consider new investment opportunities.”
Andrew Holderness added, “For many years, I have very much enjoyed working with Bruce and his colleagues. I am therefore excited to be asked to continue as a Senior Advisor on insurance matters to Elliott, Paraline and their investee companies”
Holderness will advise across all of Paraline Group and other Elliott Management insurance investments, including:
- Aeolus Capital Management, the collateralized reinsurance and retrocession risk focused asset manager with more than $4 billion of assets under management.
- Prosperity Group, a life insurance and annuity business Elliott and Wand invested in back in 2018.
- Asta Capital, a third-party manager of Lloyd’s syndicates with around £1.3 billion of premium income at Lloyd’s under management.
- Beat, an incubator/investor/manager of specialty managing general agents and the manager of Beat Syndicate 4242 at Lloyd’s.