It’s been announced that affiliates of certain Apollo investment funds have completed the previously announced takeover of Aspen Insurance Holdings, following the receipt of regulatory approval.
In August 2018, it was revealed that Apollo Funds had entered into a definitive agreement to acquire Bermuda-based insurer and reinsurer Aspen. This was followed by approval of the $2.6 billion acquisition by Aspen’s shareholders in December of last year.
It’s now been announced that affiliates of certain investment funds (Apollo Funds) managed by affiliates of Apollo Global Management, LLC, together with its consolidated subsidiaries, have completed the takeover of Aspen.
As a result, Aspen is now wholly owned by the Apollo Funds, and the re/insurer’s ordinary shares have now stopped trading on both the New York (NYSE) and Bermuda Stock Exchange (BSX), effective February 15th, 2019.
Effective immediately, Glyn Jones has stepped down from his role as Chairman of Aspen’s Board, while Chris O’Kane has stepped down as Group Chief Executive Officer (CEO) and as a Director of Aspen.
Mark Cloutier has been named as Executive Chairman of Aspen’s Board and Group CEO with immediate effect.
Cloutier was previously Brit’s Executive Chairman, before it was announced in October 2018 that he would be leaving the firm with a view to becoming Chairman and CEO of Aspen.
Furthermore, Albert Beer, Matthew Botein, Gary Gregg, Heidi Hutter, Karl Mayr, Bret Pearlman, and Ron Pressman have also ceased to be directors on the Aspen Board.
Both John Cavoores and Gordon Ireland will remain on the Aspen Board and as Directors, and will be joined on the Board by Mark Cloutier, Josh Black, Alex Humphreys, Gernot Lohr, Gary Parr and Michael Saffer, effective immediately.
Partner at Apollo, Alex Humphreys, said: “We are excited for our funds to be acquiring Aspen as it embarks on the next chapter of its development. We are delighted to be working with Mark again following our successful investment together in Brit Insurance.
“Mark has a long and successful track-record in the insurance sector and we believe he is ideally placed to lead Aspen through a period of transition to substantially improved profitability. We look forward to working with him and Aspen’s talented management team to drive value creation over the coming years.”
Chris O’Kane said: “Seventeen years ago, with 38 colleagues, $600 million of assets and a vision, we formed Aspen. As a result of hard work, determination and an unwavering dedication to our clients, Aspen is now a force in the reinsurance and insurance markets with over $12 billion of assets and around 1,150 employees.
“I am extremely proud of our accomplishments and I cherish the relationships and friendships, both within Aspen and in the broader market, which we formed along the way. I would like to thank all my colleagues at Aspen as well as our clients and brokers for all their considerable support over the years and it delights me to see Aspen poised to go from strength to strength under the new leadership of Mark Cloutier. I wish Mark and Aspen every success for the future.”
While Cloutier added: “I am honored to be appointed as the next CEO of Aspen. I truly believe that the company benefits from strong underwriting talent and specialized expertise, which makes it ideally positioned to deliver innovative solutions to the increasingly complex risks faced by its customers. I am very excited about what Aspen can achieve in the coming years.
“I would like to thank Chris for his key role and support over the last few months and for making the transition from public to private so seamless. He has built an impressive franchise over the past 17 years and we wish him well in his future endeavors.”
