Pershing Square Holdings adds Twelve Securis board member Ranjani Kearsley as INED

Bill Ackman linked investment holding company Pershing Square Holdings has appointed current Twelve Securis board executive Ranjani Kearsley, who works at investment firm B-FLEXION, as an independent non-executive director, a move that brings additional insurance-linked securities (ILS) experience to the Vantage Group linked firm.

Recall that, Vantage Group Holdings Ltd., the specialty insurance and reinsurance group with a collateralized underwriting arm under the AdVantage strategy, has been acquired by the Bill Ackman linked Howard Hughes Holdings.

Under that deal, Ackman’s hedge fund Pershing Square is now set to manage Vantage’s investment assets going forwards, while Pershing Square Holdings subscribed for $1 billion of non-voting exchangeable perpetual preferred stock issued by Howard Hughes Holdings to support the acquisition.

At the time of that acquisition being announced, Howard Hughes Holding executives explained the attraction to the third-party reinsurance capitalised AdVantage strategy run by Vantage, citing it is a high-margin, capital light stream of income.

Now, Pershing Square Holdings, which also counts Bill Ackman’s Pershing Square Capital Management, L.P. as its investment manager, has added an experienced investment executive with insurance-linked securities (ILS) market experience as an independent board member.

Ranjani Kearsley has been appointed as an independent non-executive director of the Pershing Square Holdings Board, with effect from July 20th 2026.

Kearsley has more than 25 years’ experience in the investment industry, across portfolio oversight, strategy, human capital and sustainability related positions in asset management, private equity and principal investing.

Kearsley joined B-FLEXION in 2021 and is currently its Head of Asset Management within the Group Investments Office.

B-FLEXION partners with asset managers, through investments in their companies and ongoing collaborative work.

The firm had an investment stake in and partnership with specialist ILS investment manager Securis Investment Partners and when Twelve Capital acquired Securis, becoming Twelve Securis in the process in 2024, B-FLEXION maintained its partnership with the combined and larger ILS investment manager, while Kearsley continued as a Board member of Twelve Securis.

While Pershing Square Holdings is an entirely different kind of asset management business, the connection with Vantage Group and ultimately therefore to the AdVantage collateralized reinsurance and third-party investor capital backed strategy, means Kearsley’s knowledge of the ILS industry could ultimately prove valuable there as well.

Pershing Square Holdings noted that Kearsley serves on the board of “Twelve Securis Holdings, a leading investment manager in the field of insurance-related investments.”

Her deep experience across investments, partnerships, human capital and sustainability will all benefit Pershing Square in her role as an INED. While the knowledge and experience from her work within the ILS market at Twelve Securis could also be tapped, as Howard Hughes Holdings continues to formulate how it will leverage third-party capital to further grow the Vantage business it has acquired.

“Ranjani brings a wealth of global asset management experience and deep expertise in governance and strategy,” commented Pershing Square Holdings Chairman Rupert Morley. “Her considerable board experience at regulated asset managers across the US, Europe and Asia will further enhance the Board’s perspective and capabilities, and we are delighted to welcome her to the Board of PSH.”