Aspen Insurance Holdings Limited, the Bermudian insurance and reinsurance group, has named David Cohen, President and Chief Underwriting Officer of Aspen Insurance, to lead the insurance business on a day-to-day basis, as Stephen Postlewhite is departing the firm.
With the new responsibility of leading insurance at Aspen, Cohen will now report directly to the firm’s Group Chief Executive Officer, Chris O’Kane.
O’Kane commented, “David joined Aspen in November 2015. Since his arrival, he has upgraded the underwriting talent in our Insurance segment, is refocusing our underwriting book and is positioning Aspen Insurance for success in the next stage of its development. David is a strong and well-respected leader and I am confident that as we move forward, he will drive improvements across our Insurance business.”
Stephen Postlewhite, the existing Chief Executive Officer of Aspen Insurance, is leaving the business with immediate effect, the firm explained.
O’Kane said, “Steve has made a significant contribution to Aspen over the last 15 years and I would like to wish him all the best for the future.”
Aspen revealed yesterday that it expects to report a fourth-quarter loss of $245 million, $110 million of which is due to an increased frequency of mid-sized and attritional losses which are largely from the insurance side of Aspen’s business.
Aspen said the insurance segment losses were from a range of business lines, including the impacts of property and fire-related losses in the UK and U.S., as well as to a lesser extent, cyber losses and a rise in a previously reported surety loss.
O’Kane said that the company was taking actions to try to improve its underwriting results and that these would likely become evident in 2018.
Cohen has been with Aspen Insurance since November 2015, working as President and Chief Underwriting Officer. He has more than 35 years’ experience in the industry. Prior to joining Aspen he was President (U.S.) and Global Casualty Chief Underwriting Officer at Liberty International Underwriters.