The Paraline Group (“Paraline”), the insurance industry investor, today announces that Paul Rayner is to join the group board. In addition, he will be appointed active underwriter of Paraline Syndicate 4242 and SPA 6123 in April, subject to regulatory approval.
Rayner brings over 18 years of experience in global insurance markets to the role. He joins from GC Securities where, as a managing director, he developed and led a series of initiatives in the Lloyd’s and Company markets including M&A, start-ups and capital raises. He has experience in Lloyd’s capacity, reinsurance and securities offerings and has worked with several syndicates across business planning, performance appraisal and their wider operations, alongside developing growth strategies. Prior to joining GC Securities, Rayner served as a director at Aon Benfield Securities. He began his career as an audit manager with Deloitte before joining Aviva as a finance manager.
Bruce Schnitzer, Chairman of Paraline said: “We are delighted to announce Paul’s appointment as an active director of Paraline. We have built a high-quality portfolio of insurance assets and Paul’s experience and expertise will add greatly to our prospects for future success.
“We have known Paul and respected his capabilities for a long time. He was instrumental in the formation of Syndicate 4242 and has continued to remain close to the business. He also has longstanding relationships with many of its underwriting capacity providers and with ICAT, the syndicate’s primary distribution partner. And, Paul advised in the transaction though which we acquired ICAT and again at the time of our strategic investment in Asta. I am certain that he will take to the role of active underwriter of Syndicate 4242 seamlessly, maintain the business and help develop its strategy for the future.
“We welcome Paul to Paraline.”
David Haggie / Brian Norris
T +44 20 7562 4444
Notes to Editors
About Paraline Group
Paraline Group, Ltd, a Bermuda-domiciled insurance and reinsurance holding company, was established in August 2010. Its principal operating businesses are Asta Capital Limited and Paraline Re LTD, a Bermuda based reinsurer. Asta Capital is the leading third party Managing Agent at Lloyd’s, managing over £1 billion of underwriting capital including Paraline’s Syndicate 4242. Paraline Re provides aligned underwriting capital to Syndicate 4242.
Paraline is owned by private investors that include Wand Partners Inc.(www.wandpartners.com) and Elliott Management Corporation (www.elliottmgmt.com). Paraline has the industry knowledge, investor expertise and capital backing to expand thoughtfully by backing quality management teams at times of market need.