Confidential CFO hire for specialist insurance company following significant private equity investment

Paratus is the world’s first (re)insurer underwriting energy price risk with innovative solutions to protect against adverse energy price volatility and accelerate the transition to net-zero. Underwritten by globally rated financial institutions, Paratus is a unique partnership of world-class experts in energy, insurance, and technology, backed by Ara Partners, a $6.3 billion private equity and infrastructure investment firm focused on industrial decarbonisation.

The challenge

A business priority and a key part of the company’s growth strategy was to ensure a complete, and qualified executive management team. The target profile of the CFO was unique as the role required a CFO from a tier 1 financial services institution, with extensive experience in commodities, energy markets, financial regulation, and exposure to private equity.

In order to get the best support and identify the strongest candidates in the market, Paratus contacted Eames Consulting in early 2024 based on a recommendation by one of our customers, and asked to be referred to somebody who could help them with a senior finance role.

They were put in touch with Chirag Raichura, associate director for corporate functions at Eames Consulting, who had the very challenging task of finding a highly experienced CFO for a role in a company that was new to the insurance market, having developed an innovative energy price insurance product. An additional challenge was the intellectual property sensitivity for the client as the world’s first energy price insurer. Candidates were not allowed to know the name of the client unless they were invited for interview, in which case they would be required to sign a non-disclosure agreement.

The solution

“Due to the nature of the client’s business, the hiring process required a confidential approach. Fortunately, thanks to our longstanding relationships with senior finance professionals with the right experience for a niche role like this, I was able to reach out to a pool of fantastic candidates who were excited by the mystery around the role and keen to find out more.” - Chirag Raichura, Associate Director, London

Chirag conducted a detailed briefing with the client to understand the candidate profiles they would consider. The client was prepared to first consider candidates with an insurance background ahead of financial services, but from his detailed knowledge of the industry and the challenges of filling similar roles in such niche organisations, Chirag advised the client to also consider a commodities background, so the client agreed to review a mix of candidates from the two industries.

To ensure the client’s satisfaction with our process, we pitched a two-week exclusivity agreement so they could see the standard of candidates we could provide. If they were unhappy with the quality of professionals we presented, they could instead use a search agency and pay a retainer if required.

Thanks to the relationship and trust developed with candidates at this level who we’d placed repeatedly over a number of years in both commodities and insurance, Chirag managed to generate interest in the role without revealing the company’s name. He then arranged screening calls for suitable candidates to meet the business.

Chirag provided a longlist for the client to review within a week of the brief and a shortlist within two weeks. First interviews took place in the following two weeks and all interviews were completed within four weeks.

The result

“Chirag was great to work with. His communication was clear, and his response was always prompt. He quickly understood the calibre of CFO we were targeting and the unique profile and experience we required as an insurance company focused on energy markets. We had a list of strong candidates to interview after a couple of weeks.” - Samuel Ladoke Akintola, CIO, Paratus

The successful candidate was appointed within four weeks of the first interview, well within our agreed six-week window, and was onboarded a few months before the client achieved a major milestone of regulatory approval by the Guernsey Financial Services Commission (GFSC) to provide insurance cover to the renewable power industry.

In choosing to work with Eames Consulting, the client also avoided having to pay a retainer fee to a search agency.

The future

Following the appointment of their CFO, the client continues to use us exclusively for their senior recruitment, and they came back to us for a director of sales and distribution role at the end of 2024, which we were also able to fill. We look forward to continuing to work with them in H2 2025 and beyond as the company continues to grow.

If you are looking for a new opportunity or need support in your next business objectives, please reach out to me for a confidential discussion at chirag.raichura@eamesconsulting.com

Case Study Corporate Functions