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Aspen Announces Management Changes

15th May

Aspen Insurance Holdings Limited announced today several changes to its executive leadership team to support continued operational improvement in the business and best position Aspen to capture new opportunities for profitable growth and value creation.

Mark Cloutier, Executive Chairman and Group Chief Executive Officer, commented: “As we continue our focus on operational improvement and strengthening Aspen’s competitive position, it is essential we have the right talent to execute on our strategy, serve brokers and customers and drive to enhance the long-term value of our business. I am confident the leadership team, including the new members we are announcing today, is well equipped to meet the challenge of leading Aspen through its next chapter of change and profitable growth.”

The following changes are effective immediately:

  • Mike Cain, previously Group General Counsel, has been appointed Group Chief Operating Officer and will remain Chief Executive Officer of Aspen UK for a transition period, subject to regulatory approval;
  • Tim Aman, in addition to his current role as Group Chief Risk Officer, will assume lead responsibility for outward reinsurance/Retro analysis, structuring and placement;
  • Bryan Astwood, Group Chief Investment Officer, has been appointed to the Group Executive Committee;
  • Jonny Atkinson, in addition to his current role as Global Head of Insurance Marketing and Distribution, has been appointed Head of Insurance London;
  • Christian Dunleavy, in addition to this current role as Managing Director of Aspen Re and Chief Underwriting Officer of Aspen Bermuda Limited, has been appointed Chief Executive Officer of Aspen Bermuda Limited;
  • Marcus Foley, previously Group Head of Capital Management, has been appointed Chief Strategy Officer, focused on developing and executing strategic corporate initiatives and performance analysis metrics and methods, and to the Group Executive Committee;
  • Paul Frydas, Group Chief Actuary, has been appointed to the Group Executive Committee;
  • Silvia Martinez, previously Associate Group General Counsel, has been appointed Group General Counsel and Company Secretary and to the Group Executive Committee;
  • Zahir Petiwalla, Performance Officer and Chief Operating Officer, Aspen Re, has been appointed Deputy Group Chief Operating Officer; and
  • Sarah Stanford, International Head of Financial Institutions, will be appointed to the additional position of Lloyd’s Active Underwriter of Syndicate 4711, subject to regulatory approval.

Kate Vacher, who joined Aspen in 2002 and has provided many contributions to the Company in multiple roles, most recently as Group Director of Underwriting and Chief Executive Officer of Aspen Bermuda Limited, is leaving Aspen to pursue personal interests. David Schick, former Group Chief Operating Officer, and Donald Harrell, former Head of International Insurance and Global Head of Marine, are leaving the Company effective immediately to pursue opportunities outside Aspen.

Mark Cloutier continued: “I want to thank David, Kate and Donald for their service and commitment to Aspen over the years. Our business is well positioned thanks to their many contributions, and we wish them well in their future endeavors.”

Aspen also announced today that Aspen Insurance UK Limited (“AIUK”) has served notice of termination of the agency agreement between AIUK and Aspen Risk Management Limited (“ARML”). As a result, Aspen expects the business will be placed into runoff. Aspen is working with the management of ARML to ensure all policyholder obligations and service requirements are fully supported and consistent with Aspen’s standards of policyholder and broker service.

This decision has no impact on Aspen’s mainstream UK Property and Casualty business.

Additionally, Aspen announced that it has begun the process of closing its Dublin office as a result of the proposed move of its Dublin Excess Casualty underwriting business to London.