Dermot O'Donohoe is stepping down as CEO of Torus Insurance Holdings Ltd. and being replaced by Nick Packer, joint chief operating officer of Enstar Group Ltd., the companies said Thursday.
Hamilton, Bermuda-based Enstar together with Greenwich, Connecticut-based Stone Point Capital L.L.C acquired Torus at the beginning of April.
Mr. O'Donohoe is leaving after “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,” Hamilton-based Torus said in its statement.
“I'd like to thank Dermot for his service and leadership at Torus, particularly his ability to navigate the company through the acquisition and transition process. We wish him the best in all of his future endeavors,” Mr. Packer said in the statement.
“At Torus, I've been privileged to work with a group of very talented people,” Mr. O'Donohoe said in the statement. “I'm proud of our success in growing the Torus franchise. This would not have been possible without the dedication of Torus employees, and I wish everyone success.”
New executive team
The change at the top heads a list of new appointments at Torus and Enstar following the acquisition.
John Shettle, current interim CEO of Torus' U.S. operations, including Torus National Insurance Co. and Torus Specialty Insurance Co., has been named vice chairman of Torus Insurance Holdings Ltd.
Demian Smith has been named CEO of Torus' international business segment, which includes Torus' Lloyd's of London market and continental European operations. In addition, he also serves as chairman of Torus' group underwriting committee.
David Message, global head of Torus' property and energy business and chief underwriting officer of Torus Insurance (U.K.) Ltd., has been appointed chief underwriting officer of Torus' International business segment.
Patrick Tiernan has been appointed Torus Group chief operating officer and Gareth Nokes named Torus Group chief financial officer.
“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,” Mr. Packer said in the statement.
At Enstar, David Atkins, who has served as COO of Enstar (E.U.) Ltd. since 2010, will take on additional responsibilities as global head of claims.