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Paternoster boss steps back

PATERNOSTER founder Mark Wood is stepping back from the chief executive position to cut the specialist pensions insurer&rsquo;s costs.<br /><br />Wood, who set up the business in 2005, will become deputy chairman and be replaced as chief executive by former commercial director Ed Jervis.<br /><br />Wood described himself as an expensive resource at a time when the financial crisis had eaten into the insurer&rsquo;s profits.<br /><br />Paternoster, which is largely owned by Deutsche Bank and private equity firm Eton Park, was hit hard by the financial crisis and had stopped pursuing new business.<br /><br />But investors in the firm are now putting an extra &pound;5m into the company, allowing it to retain the capability to write new business once it has raised further money or when there is a significant improvement in the economic environment.<br /><br />Wood, who previously headed up Prudential&rsquo;s UK division, has been Paternoster chief executive since 2005.