Noonan appointed StarStone chairman
Ed Noonan, the former chairman and chief executive officer of Bermudian reinsurer Validus Holdings, has taken a new role as chairman of global specialty insurer StarStone.
StarStone is predominantly owned by Bermudian-based Enstar Group, which has a 59 per cent stake in the company, along with the Trident Funds, managed by Stone Point Capital, which own a 39.3 per cent stake.
The company simultaneously announced that Dick Sandford, the former chairman of PartnerRe US, will take the role of president of StarStone.
Chris Rash has also been promoted to CEO of StarStone International and deputy group CEO.
One of StarStone’s underwriting platforms is StarStone Insurance Bermuda Ltd, a Class 4 insurer, based at offices in Windsor Place on Queen Street, Hamilton.
The company also manages Syndicate 1301 in the Lloyd’s of London market and also has a presence in the US and Liechtenstein.
Validus was acquired by American International Group last year in a deal worth more than $5.5 billion. Mr Noonan had been chairman and CEO of Validus since its founding in 2005.
Mr Noonan has more than 30 years of industry experience. Before he joined Validus, he was CEO of American Re from 1997 to 2002, after joining the firm in 1983. Before that, he worked at Swiss Re from 1979 to 1983.
Mr Sanford will oversee StarStone’s global underwriting and reinsurance strategy. He has 35 years of insurance-market experience and began his career as a casualty underwriter at AIG in 1984. He has since held a succession of senior roles including, executive vice-president, TIG Re/Odyssey America Reinsurance and vice-president, Cologne Reinsurance Company of America, before he joined PartnerRe in 2000.
Mr Rash, who joined StarStone in August 2018, will lead StarStone’s international business, and operational strategy at group level. He has more than 20 years of industry experience, having held numerous financial and operational leadership positions, including 15 years at RSA, and as group CFO at MS Amlin.
In a joint statement, Enstar and Stone Point, said: “The experience that Ed and Dick bring to StarStone is considerable. Their appointments demonstrate our collective investment and commitment in realising StarStone’s ambitions, and we are very pleased to welcome them to the Group.”
John Hendrickson, group CEO, StarStone, said: “This is a pivotal moment for StarStone. As we reposition StarStone to deliver profitable growth, Ed and Dick bring a wealth of knowledge.
“Their respective contribution, together with Chris’s financial and operational expertise, will prove invaluable as we continue to provide highly professional, bespoke specialty solutions to our clients, locally and globally.”