Brit has announced that Executive Chairman Mark Cloutier is to step down from his role in December 2018, with a view to becoming the Chairman and Chief Executive Officer (CEO) of Aspen Insurance Holdings.
Following his departure, Cloutier will assume a role with an affiliate of Apollo Global Management, LLC, working as a consultant with an initial focus on the proposed acquisition of Aspen by investment funds managed by Apollo, with a view to becoming Aspen’s Chairman and CEO once the transaction has completed.
He was appointed CEO of Brit in 2011, and was named Executive Chairman in January 2017. After spending more than 40 years in the re/insurance industry, he has held a number of senior executive positions, which includes being CEO of the Alea Group, CEO of Overseas Partner Re, and President of E.W. Blanch Insurance Services Inc.
Brit CEO, Matthew Wilson, commented: “Mark has played a pivotal role in Brit’s recent history, driving the establishment of Brit as a top-quartile Lloyd’s insurer and leading the business through its return to the public markets and subsequent acquisition by Fairfax.
“The high esteem with which Mark is held across the business is testament to what he has achieved at the highest levels in our industry. Both on behalf of the board and personally, I would like to thank Mark for his leadership, wise counsel and most importantly, friendship and wish him the very best in the next stage of his career.”
Cloutier, added: “Being part of the Brit story has been an exciting and rewarding experience, I am proud of what we achieved and can leave knowing I leave an outstanding team and market leading business under Matthew’s very capable leadership.
“The combination of Brit’s many strengths with the resources, support and values of the Fairfax group puts the company in a terrific position to grow and succeed well into the future. I will always owe a debt of gratitude to, and will be a good friend and supporter of, Matthew Wilson and the Brit team as well as Prem Watsa and the entire Fairfax organisation.”
Prem Watsa, Chairman and CEO of Fairfax, said: “Mark has been a friend to Fairfax for many years and, since the acquisition of Brit in 2015, has made an invaluable contribution across the Group. We wish him well and look forward to a continuing long friendship.”
