Core Specialty Insurance Holdings, Inc. and its subsidiaries have announced the appointment of Jeff Consolino, the company’s Founder, President, and Chief Executive Officer, as Executive Chairman, as well as other changes to its Board of Directors.
Consolino will be succeeding Ed Noonan who has stepped down from his position as Executive Chairman of Core Specialty’s Board of Directors.
Noonan, who has served on the Board since the recapitalization in 2020, said: “Six years ago Jeff and I set out to take maximum advantage of the opportunity we saw in specialty insurance to build a thirty year company. It has been more successful than I could have ever foreseen, Jeff and his team have built a broadly diversified specialty insurer that matters in each of its classes of business and is well positioned for the long term.
“Jeff and I have been together a very long time and it has been a great partnership, he is deeply skilled at making me look good while he does the heavy lifting. Now I get to root for him from the sidelines as he leads the company into the next phase of its development”.
Commenting on the change to the company’s Board, Jeff Consolino said, “Ed Noonan has been a mentor and close friend from the time I joined with him for the initial capitalization of Validus Holdings, Ltd. in 2005. Over our 20 plus year relationship we have achieved many remarkable successes. I deeply appreciate Ed’s contributions to Core Specialty as Executive Chairman over the past six years.”
In addition, Core Specialty also announced the appointment of Bart van der Vlugt to the company’s Board of Directors, effective immediately.
Joining Sixth Street in 2021, Van der Vlugt currently serves as a Principal within the firm’s Insurance platform. In this capacity, he oversees the sourcing, underwriting, and management of insurance sector investments, which includes managing the partnership with Enstar Group Limited, an entity supported by investment vehicles under Sixth Street affiliates.
Before his tenure at Sixth Street, Van der Vlugt held positions within the investment banking divisions of Morgan Stanley in both New York and London.
Commenting on the addition of Van der Vlugt to the company’s Board, Consolino said: “We are pleased to welcome Bart to the Core Specialty Board of Directors. Enstar made an essential contribution to Core Specialty at formation in 2020, providing us with the admitted and non-admitted insurance companies to underwrite specialty commercial insurance in all 50 U.S. states and entering into a combination loss portfolio and adverse development cover reinsurance agreement allowing Core Specialty to focus on growing our business rather than managing legacy exposures.”
