Reinsurance News

Aspen reshuffles management, puts MGA into run-off

14th May 2019 - Author: Charlie Wood

Bermuda-headquartered Aspen Insurance Holdings has announced a series of key changes to its management team, as well as issued confirmation that its UK-based MGA Aspen Risk Management Limited (ARML) will be put into run-off.

AspenAspen states that it is working with the management team at ARML to ensure all policyholder obligations and service requirements are, “fully supported and consistent with Aspen’s standards of policyholder and broker service.”

The company states in its release that the decision has no impact on its mainstream UK Property and Casualty business.

The management changes are as follows:

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.

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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 CEO of Aspen Bermuda Limited.

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.

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 COO, Aspen Re, has been appointed Deputy Group COO.

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.

“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,” said Mark Cloutier, Executive Chairman and Group Chief Executive Officer.

“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.”

In addition to the above leadership changes, Aspen has announced the departure of Kate Vacher, who joined Aspen in 2002 and most recently served as Group Director of Underwriting and Chief Executive Officer of Aspen Bermuda Limited. She is leaving Aspen to pursue personal interests.

David Schick, former Group COO, and Donald Harrell, former Head of International Insurance and Global Head of Marine, are also leaving the company effective immediately to pursue opportunities outside Aspen.

“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,” added Cloutier.

Lastly, Aspen announced in the same release confirmation that 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.

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