After giving effect to the recapitalization, SkyKnight and Dragoneer will each have beneficial ownership of approximately 27%, Enstar 25%, Aquiline 11%, management and directors 6%, and other investors 4%.
In conjunction with the capital infusion, one of Enstar’s subsidiaries has entered into a combination loss portfolio and adverse development cover reinsurance agreement with the company, Core Specialty said.
New management and board of directors
As part of the capital infusion, Core Specialty has appointed a new management team and board of directors. Jeff Consolino has been named president and CEO, while Ed Noonan has been named executive chairman.
Consolino has more than 28 years of experience in the sector. Most recently, he served as executive vice president, chief financial officer, and a director of American Financial Group. He was previously a founding executive at Validus Holdings, where he served as a director and as president and chief financial officer.
Noonan has more than 40 years of industry experience. Most recently, he served as chairman and CEO of Validus Group. He has also served as president and CEO of American Re.
The board of directors will include Noonan and Consolino, Paul O’Shea and Robert Campbell from Enstar, Steve DeCarlo, Dom Addesso, Don Larson, Matthew Ebbel, managing partners of SkyKnight, Marc Stad, managing partner of Dragoneer, and Chris Watson, partner of Aquiline.
Rebranding as Core Specialty
Core Specialty said that its vision is to become the leading specialty insurer, and that the new name represents its goal to be the core of its clients business and its commitment as a specialist in niche insurance markets.
“Core Specialty has the expanded capital to take on risk, the underwriting talent in place, a proven and decisive leadership team and a track record of making things happen fast,” Consolino said. “Collectively and in each of our specialist niche business units, we intend to operate with strong entrepreneurial spirit and drive, speed, agility, and empowered decision-making.”