Senior advisor named for Elliott Management's insurance companies

Paraline Group, the insurance holding company controlled by Elliott Management and Wand Partners, has named Andrew Holderness as senior advisor on insurance matters to Paraline, Elliott and their investee companies.

Holderness has for some time been providing Paraline with advice and counsel, but he has now been given a formal title for his efforts.

Holderness recently retired as the world-wide practice head of insurance at Clyde, and recently served on the committee of the capital lab at Lloyd’s.

Elliott also has stakes in Aeolus Capital Management, which invests in collateralised reinsurance and retrocession risk and has over $4 billion of assets under management; Prosperity Group, a life insurance and annuity business with AuM of approximately $2.5 billion; Asta Capital, the third-party manager of Lloyd’s syndicates that presently manages approximately £1.3 billion of premium income; and Beat, an investor, manager and incubator of specialty managing general agents and the manager of Beat Syndicate 4242 at Lloyd’s.

Holderness said: “I have very much enjoyed working with Bruce [Schnitzer, chairman of Paraline] and his colleagues. I am therefore excited to be asked to continue as a senior advisor on insurance matters to Elliott, Paraline and their investee companies.”