Bill Ackman’s investment vehicle Pershing Square Holdings has appointed Ranjani Kearsley, an investment executive at B-FLEXION and a board member of Twelve Securis, as an independent non-executive director, according to a report by ArtemisBM.
The appointment adds additional expertise in asset management, governance and insurance-linked securities (ILS) as Pershing Square Holdings expands its relationship with the reinsurance sector.
Kearsley, who joined the board on 20 July 2026, has more than 25 years of experience across asset management, private equity and principal investing, with a career spanning portfolio oversight, strategy, human capital and sustainability.
She joined B-FLEXION in 2021 and currently serves as head of asset management within the firm’s Group Investments Office. B-FLEXION invests in and partners with asset management businesses.
Kearsley is also a board member of Twelve Securis, an investment manager focused on insurance-related investments. The company was formed following Twelve Capital’s acquisition of Securis Investment Partners in 2024.
B-FLEXION had previously invested in and partnered with Securis and continued its relationship with the business following the transaction.
The appointment comes as Pershing Square becomes increasingly linked to the insurance and reinsurance sector through its relationship with Howard Hughes Holdings and Vantage Group Holdings.
Howard Hughes acquired Vantage, which operates a collateralised underwriting business through its AdVantage strategy. Pershing Square Capital Management is expected to manage Vantage’s investment assets, while Pershing Square Holdings subscribed for $1bn of non-voting exchangeable perpetual preferred stock issued by Howard Hughes to help finance the transaction.
The AdVantage platform provides access to third-party capital for collateralised reinsurance, a business that Howard Hughes executives have described as a capital-light, high-margin source of income.
Kearsley’s experience in the ILS sector could therefore provide relevant expertise as the broader group considers how to develop Vantage’s use of third-party capital.
Pershing Square Holdings said Kearsley brings experience spanning investments, partnerships, human capital and sustainability, as well as board experience at regulated asset managers across the US, Europe and Asia.
