EY has boosted its team in Bermuda with the appointment of restructuring professional Mike Penrose.

He has joined the EY region of the Bahamas, Bermuda, British Virgin Islands and Cayman Islands, and will be based in Bermuda. He will focus on restructuring and insolvency engagements.

Keiran Hutchison, EY regional head strategy and transactions, said: “Mike’s appointment is an important addition to our continuously expanding strategy and transactions practice – especially during this time of change in the industry.

“Following the arrival of leading restructuring professionals Eleanor Fisher and Tammy Fu last year, our team is even better equipped to bring a wide range of innovative solutions, including debt restructuring, insolvency and transaction services, due diligence and valuations, to a vast array of organizations to reshape results for a better future. This is underpinned by EY’s 25,000 plus strategy and transactions professionals across 120 countries with broad and deep industry experience.”

Mr Penrose was previously with KPMG in Bermuda. He has 15 years of professional services experience, and has been in Bermuda for the last seven years, “working on some of the largest and most complex insolvency processes in the jurisdiction, including large cross border cases and frauds; as well as debt restructuring, fund wind down and significant local matters”, EY said.

In addition to the insurance sector, he has a focus on hotel and hospitality engagements and has provided restructuring and transactional advice to some of the largest hospitality groups in Bermuda and across the Caribbean region.

Chris Maiato, partner at EY Bermuda and regional consulting leader, said: “The business dynamics that influence the restructuring industry in the region are rapidly changing and evolving, and our clients rely on our deep industry expertise to provide them with proper counsel and guidance. I’m thrilled to welcome Mike to our team to further enhance our client engagements in Bermuda.”

Mr Penrose is an active member of Restructuring and Insolvency Specialists Association Bermuda insolvency professionals association, and was instrumental in driving legislative amendments to the insolvency winding-up rules.