Paratus appoints Russell Day as CFO
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01 May 2024: Paratus Holdings Limited (“Paratus”), the world’s first (re)insurer underwriting energy price risk, today announces the appointment of Russell Day as Chief Financial Officer. Russell will join the Paratus senior leadership team, responsible for the business’ financial operations. The appointment represents the next stage of development for Paratus as a business and follows the recent completion of a growth equity investment in Paratus Group by ARA Partners.
Russell has held various senior finance roles accumulating extensive experience within the energy sector. Prior to joining Paratus, Russell spent 29 years at Morgan Stanley. His most recent role was as Co-CFO/Co-Head of Product Control within the EMEA Institutional Securities Group. Russell also holds non-executive and advisory roles, including at Integrals Power Limited, a startup battery technology developer.
Since its founding in 2020, Paratus has evolved the traditional insurance business model to pioneer the world’s first energy price risk insurance solution. Paratus’ mission is to partner with clients in the renewable, maritime, and aviation industries to insure against adverse energy price risk, protect revenues, and thereby enhance IRRs.
Gus Majed, Group CEO and Founder, Paratus, commented: “We are thrilled that Russell is joining the leadership team. He brings significant global institutional experience as a finance executive, and deep expertise within the energy sector. He will be instrumental as we execute our growth strategy to scale the business.”
Russell Day, CFO, Paratus, commented: “Paratus presents a unique opportunity to join a genuinely transformative business that has developed an innovative energy price risk insurance product that tackles the existential challenges facing businesses, industries, and the planet. I am hugely excited to support the team and be a part of its expansion.”
About Paratus
Paratus is the world’s first (re)insurer underwriting energy price risk with innovative solutions to protect against energy price uncertainty and accelerate the transition to net-zero. A unique partnership of world-class experts in energy, insurance, and technology. Paratus transfers risk via globally rated AA-/A- or better financial institutions including Lloyd’s of London and is backed by ARA Partners, a $6 billion private equity firm focused on decarbonisation.
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Lansons
Email: paratus@lansons.com