Trisura Group, an international specialty provider of surety, risk solutions, corporate insurance and reinsurance products, has named ex-Greenlight Capital Re CEO Bart Hedges to its board, just a day after its spinoff from investor Brookfield Asset Management Inc.
Yesterday Trisura revealed that it had completed the spinoff from Brookfield and its listing as a private re/insurer on the Toronto Stock Exchange.
“The spinoff of Trisura from Brookfield is an important milestone in our development and we look forward to executing our business plan as a standalone public company,” commented Greg Morrison, CEO of Trisura (previously CEO of Platinum Group).
Before the spinoff was completed Trisura also acquired a number of re/insurance interests from Brookfield, including Brookfield’s 60% interest in Trisura Guarantee Insurance Company, a Canadian-based specialty commercial, general liability insurance company, and Brookfield’s 100% interest in Trisura International Insurance Company, a Barbados-based reinsurance company.
Today, Trisura has revealed two senior board members, one of which is Bart Hedges, who joins its Audit Committee and Governance and Compensation Committee. Hedges had been the CEO of Cayman islands based hedge fund backed reinsurer Greenlight Re for some years and has 30 years of experience in the P&C insurance and reinsurance industry.
Hedges served as a director and CEO of Greenlight Capital Re, the hedge fund reinsurer backed by David Einhorn’s Greenlight Capital, from 2011 to 2017, and as President and Chief Underwriting Officer before that from 2006 to 2011. Hedges also served as President and COO of Platinum Underwriters Bermuda in the past as well.
Trisura also named Paul Gallagher as the Chair of the Audit Committee of Trisura. With extensive investment experience, Gallagher is currently VP Investments at Carfin Inc., an investment vehicle focused on the public markets. Between 2007 to 2015, he was the CFO of Wittington Investments, which owns a number of public and private companies including retailer Selfridges Group Limited.
“We are thrilled that Paul and Bart have agreed to join our Board,” commented David Nowak, Chair of the Board of Directors of Trisura. “Their background and expertise will be very helpful to Trisura in its growth and development as a new public company.”
The five members of the Board of Directors are David Nowak (Chair and a Managing Partner at Brookfield Asset Management), Paul Gallagher, Bart Hedges, Greg Morrison and A.J. Silber (Vice-President, Legal Affairs and Corporate Secretary of Brookfield Asset Management).