Jonathan Ritz has been named as Chief Executive Officer (CEO) of specialty insurer ProSight Global, following the acquisition of the company by investment management specialist TowerBrook Capital Partners and private equity firm Further Global Capital Management.
TowerBrook and Further Global recently announced the completion of their takeover, having first agreed to buy ProSight for $586 million back in January 2021.
Ritz previously served as President of Aspen Insurance Holdings Limited, Chief Operating Officer of Validus Holdings Limited, and CEO of Validus Specialty.
“We are keenly focused on the expansion of ProSight’s portfolio of specialty insurance products and positioning the company for long-term profitability,” said Ritz. “Building upon our existing programs and quality partnerships while enhancing our capabilities through targeted investment in people and technology will enable us to accelerate growth and provide our customers with a superior experience.”
He continued: “This foundation has also allowed us to attract a Board comprised of a majority of independent directors who are accomplished financial services executives and share our vision, and as such, I am confident they will contribute meaningfully to our long-term success.”
Earlier this week, a subsidiary of legacy specialist Enstar Group secured a deal with ProSight to provide reinsurance relating to 2019 and prior year business. In signing the deal, ProSight will receive a ground up loss portfolio transfer of discontinued workers’ compensation and excess workers’ compensation lines, as well as adverse development cover on a diversified mix of general liability classes.
“Our newly constituted Board is excited to work with TowerBrook, Further Global and the ProSight executive team in maintaining a strong governance culture while supporting and encouraging the thoughtful expansion of ProSight’s business,” added Stan Galanski, newly appointed Chairman of the Board.
Galanski was formerly President and CEO of The Navigators Group, Inc.
Also joining as independent Directors are: Michael Angelina, Former Chief Risk and Chief Actuary Officer for Endurance Specialty Holdings; Karin Hirtler-Garvey, Former Chief Risk Officer for Ally Financial; Andy Pinkes, Former EVP and Global Head of Claims and Insurance Operations for XL Group; and Bruce Kessler, Retired SVP, Chubb Group and President of Ace Westchester Specialty.