Ascendant Group announces changes to Board of Directors

Ascendant Group Limited President & Chief Executive Officer Walter M. Higgins announced the retirement of Chairman of the Board at the company’s Friday, 6 June Annual General Meeting (AGM) of shareholders. Following the AGM, the Ascendant Group Board of Directors met, electing as Chairman Peter C. Durhager and as Deputy Chairman L. Anthony Joaquin.

Upon Mr. Minors’ retirement, Mr. Durhager and Mr. Higgins jointly stated, “We benefit from the experienced guidance of committed, long-serving Directors, who have seen the company through triumphs and challenges over the years. One of those Directors, S. Reginald Minors, has retired after 19 years of service to the company, including two years as Chairman of the Board. We have benefited from Mr. Minors’ business acumen, as well as his even-tempered approach, deep knowledge of our Island community and genuine concern for the well-being of the employees of Ascendant Group and the people of Bermuda. We wish Mr. Minors well in his retirement, and extend sincere gratitude for his many contributions over the years.”

Announcing the Board of Directors’ election of Mr. Durhager as Chairman and Mr. Joaquin as Deputy Chairman, Mr. Higgins said, “Both Mr. Durhager and Mr. Joaquin provide invaluable leadership and insight, as Ascendant Group navigates the serious challenges associated with Bermuda’s economic recession, and the consequent impact on the company’s energy and infrastructure businesses. We are fortunate to have these two extraordinary business professionals leading the Board of Directors as we position our businesses to support of Bermuda’s growth and progress.”

Mr. Durhager joined Ascendant Group’s Board of Directors in 2003 and has served as Deputy Chairman since 2012.  He is Executive Vice President & Chief Administrative Officer of RenaissanceRe Holdings Ltd., with responsibility for the Global Shared Services division, including Human Resources, Organizational Development, Operations, Marketing, Communications and Information Technology. He is a Director of KeyTech Ltd., Chairman of the Bermuda Community Foundation and serves on the Advisory Board of the Centre on Philanthropy.  Mr. Durhager is co-Chair of Bermuda First and a member of Young Presidents Organization.

Mr. Joaquin, J.P., F.C.A., joined Ascendant Group’s Board of Directors in 2005. He has been President of HSBC Fund of Funds Alternative Limited since November 2012. He retired from Ernst & Young Bermuda as Managing Partner in 2005, having been Partner from 1988 to 2001. Mr. Joaquin was Inspector of Companies of the Government of Bermuda from 1986 to 1988. He serves as a Director of HSBC Bank Bermuda Limited, the Bermuda Monetary Authority, BF&M Limited, Validus Holdings Ltd., as well as IPC Holdings Ltd. and its subsidiary, IPCRe Limited, and several other companies and ... institutions.

Mr. Higgins said, “Ascendant Group is fortunate to have a vast breadth of experience, knowledge, talent and dedication to draw on amongst Directors, executives, officers, employees and advisors, as we strive to be part of the solution to the country’s economic turnaround and cleaner, greener, more affordable energy future.”