Core Specialty Insurance Holdings, Inc. and its subsidiaries announced the appointment of Jeff Consolino, the company’s founder, president and chief executive officer, as executive chairman and announced other changes to the board of directors.
Consolino will succeed Ed Noonan, who has resigned as executive chairman of Core Specialty’s board of directors.
Noonan, who has served on the board since the 2020 recapitalization, said: “Six years ago, Jeff and I set out to maximize the opportunities we saw in the specialty insurance space and build a 30-year-old company. Jeff and his team have been more successful than I expected, building a broadly diversified specialty insurance company with strong presence in every business class and well-positioned for long-term growth.
“Jeff and I have been together for a long time and it’s been a great partnership and he’s been great at making me look good while handling the heavy lifting. Now I can cheer him on from the sidelines as he leads the company into its next phase of growth.”
Commenting on the changes to the company’s board of directors, Jeff Consolino said, “Ed Noonan has been a mentor to me since our initial capital investment in Validus Holdings, Ltd. in 2005. During our 20-plus-year relationship, we have achieved many extraordinary successes. I am deeply grateful for 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.
Van der Vlugt joined Sixth Street in 2021 and currently serves as head of the company’s insurance platform. In this role, he oversees the sourcing, underwriting and management of insurance industry investments, including managing the partnership with Enstar Group Limited, an entity supported by Sixth Street Affiliates’ investment vehicles.
Prior to Sixth Street, Vanderflugt worked in Morgan Stanley’s investment banking divisions in New York and London.
Commenting on Van der Vlugt joining the company’s Board of Directors, Consolino said, “We are pleased to welcome Bart to the Core Specialty Board of Directors. Enstar was instrumental in the formation of Core Specialty in 2020, providing us with accredited and non-accredited insurance carriers to underwrite specialty commercial insurance in all 50 U.S. states, and entering into a combined loss portfolio and adverse development coverage reinsurance agreement that allows Core Specialty to focus on growing our business rather than managing legacy exposure.”
