May 10, 2011
Hamilton, Bermuda — The Board of Directors of Paraline Group, Ltd. (“Paraline” or the “Group”), a Bermuda-domiciled insurance and reinsurance company, today announced that Jack Graham has set a date to leave his position as CEO of the Group and of ICAT Managers (“ICAT”), its underwriting subsidiary. Mr. Graham will continue on the Board of Directors of the Group and will remain actively involved in developing Paraline’s portfolio of insurance and reinsurance businesses. Additionally, Mr. Graham has been appointed as a special advisor on insurance matters to Elliott Management Corporation (“Elliott”), a major shareholder in Paraline. Bruce Schnitzer, currently Chairman of the Group, will assume the role of Chief Executive Officer. Greg Butler, the Active Underwriter of Paraline’s Syndicate 4242 at Lloyd’s, will continue in that position and has been named President of ICAT Managers.
These changes are planned to take effect at the close of business on July 1, 2011.
Commenting on the transition, Mr. Graham said:
“This is a natural evolution of my role as founder of ICAT and thirteen years as its CEO. I am handing over day to day managerial responsibilities to an exceptionally talented team of people who have worked with me since ICAT’s foundation and who have the full support of the Paraline Board. We have built a unique Lloyd’s and international business with industry-leading risk management products and underwriting skills. I am particularly pleased that Greg Butler has accepted the role of President of ICAT. This transition will enable me to focus on building Paraline’s profile as well as exploring strategic options for Elliott in the global insurance and reinsurance markets.”
Mr. Schnitzer, Chairman of Paraline, on behalf of the Board of Directors, said:
“We fully support Jack’s decision to evolve his position to take on a strategic role as a director and an advisor as we continue to build and diversify Paraline into a quality portfolio of international insurance and reinsurance operations.”
ICAT Managers, LLC., the principal underwriting subsidiary of Paraline Holdings, is an insurance underwriter which specialises in underwriting small and middle market commercial properties located in catastrophe-exposed regions of the United States. ICAT Managers is an underwriter at Lloyd’s of London through ICAT Syndicate 4242, (rated “A” [Excellent] by A.M. Best Company, and “A+” (Strong) by Standard & Poor’s). ICAT Managers also underwrites on behalf of other insurance companies and other Syndicates at Lloyd’s of London.
Since inception in 1985, Wand Partners has been principally involved in middle-market buy-outs and has focused primarily on specialty financial services, particularly insurance. Wand is a value-oriented investor, applying the perspective of an operationally oriented private equity investor. Over the years, Wand has sponsored and invested in thirteen platform businesses in the insurance industry.
Elliott Management Corporation oversees two private investment funds which have assets under management of more than US$17 billion. The firm was founded in 1977 and has principal offices in New York and London. Over its 33 year history under continuous management, Elliott has compiled a consistent and highly successful record of financial returns to investors.