Aspen Insurance UK Limited to Terminate Agency
Agreement with Aspen Risk Management Limited
Aspen Insurance Holdings Limited (“Aspen” or the “Company”)
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.
Biographical Information
Tim Aman
Tim Aman was appointed Group Chief Risk Officer in May 2017.
Before joining Aspen in February 2017, Tim was Principal of
Broctuary Inc., an independent Florida-based consultancy which he
established in 2016 specializing in actuarial, broking and risk
management. Prior to this, he was Chief Risk Officer at Montpelier
for eight years and before that, he was Managing Director for Guy
Carpenter’s Global Accounts and Latin America and Caribbean
reinsurance broking teams. He had previously been an Actuarial
Pricing Officer at St Paul Reinsurance.
Bryan Astwood
Bryan Astwood was appointed Group Chief Investment Officer in
May 2009 and has served as the Group Representative to the Bermuda
Monetary Authority since 2014. Bryan joined Aspen in June 2003 as
Group Treasurer. He has more than 30 years’ experience in the fixed
income, equity, foreign exchange and commodity markets. Previously,
Bryan worked at Bank of America, Hong Kong; Industrial Bank of
Japan, Tokyo; Butterfield Asset Management and Orbis Investment
Management, Bermuda. Bryan began his career at the Bank of
Bermuda.
Jonny Atkinson
Jonny Atkinson was appointed Head of Insurance London in May
2019. He joined Aspen as Global Head of Distribution and Marketing
in June 2011 with 20 years of broking experience. His main
Distribution focus is on Aspen’s broker and client community,
managing and developing strategic relationships with these key
partners. He is a longstanding member of the Insurance Executive
Committee and also a Director of Digital Risk Resources, an
innovative SME cyber insurance business. He began his insurance
career at Johnson & Higgins Insurance in London and continued
with other Marsh Companies. In 2000, Jonny moved to JLT as a
Partner and in 2002 he relocated to their Bermuda office. In 2005,
Jonny joined Willis as EVP of the Bermuda office. His role then
expanded to CEO, WNA London and Bermuda. Before his insurance
career began Jonny was a Professional Cricketer for Somerset and he
gained an MA in Economics from Cambridge University.
Mike Cain
Mike Cain was appointed Group Chief Operating Officer in May
2019. He will also remain Chief Executive Officer of Aspen UK for a
transition period, subject to regulatory approval. Mike joined
Aspen as the Group General Counsel in March 2008 and served as
Company Secretary until March 2019. He was Chief Executive Officer
of Aspen Bermuda Limited from September 2014 until July 2017, and
subsequently Group General Counsel until May 2019 and Chief
Executive Officer of Aspen UK. Prior to joining Aspen, Mike spent
five years as the Corporate Counsel and Company Secretary/COO at
Benfield Advisory. He had previously worked for law firms Barlow
Lyde & Gilbert and Ashurst.
Christian Dunleavy
Christian Dunleavy was appointed Chief Executive Officer of
Aspen Bermuda Limited in May 2019. He previously served as Chief
Underwriting Officer for Aspen Bermuda Limited since May 2017.
Christian joined Aspen Re in September 2015 as Head of Global
Property Catastrophe. He had previously been at Axis Reinsurance
where he was a Senior Vice President, responsible for U.S. Property
Treaty, Caribbean Property and Workers Compensation Catastrophe
business. Prior to joining Axis in 2002, Christian was a Senior
Analyst at RenaissanceRe, responsible for multiperil modeling,
pricing and portfolio analysis.
Marcus Foley
Marcus Foley was appointed Chief Strategy Officer in May 2019.
He also serves as the Chief Risk Officer of Aspen Bermuda Limited.
Marcus joined Aspen’s capital modelling team in 2008 and led the
function from 2010 to 2015. In 2015, he became the Group Head of
Capital Management with a focus on rating agency and regulatory
considerations across the Aspen group. Prior to joining Aspen,
Marcus began his capital modelling career at EMB consultancy LLP in
Cambridge. Marcus has a PhD in physics where his studies were split
between University College Cork and the Max Planck Institute for
Plasma Physics in Munich.
Paul Frydas
Paul Frydas was appointed Group Chief Actuary in July 2018 and
is responsible for the pricing and reserving teams across Aspen’s
Insurance and Reinsurance segments. He also serves as Chief Actuary
for various Aspen legal entities. Previously, Paul held the
position of Chief Actuary for the Reinsurance segment, and served
as the approved actuary for Aspen Insurance UK Limited and Aspen
Bermuda Limited by the BMA and the Prudential Regulation Authority.
He also served as Group Chief Reserving Actuary for eight years
shortly after joining Aspen. Paul began his career at Equitas
followed by various roles at KPMG and Zurich Insurance Group.
Silvia Martinez
Silvia Martinez was appointed Group General Counsel and
Company Secretary in May 2019. Silvia joined Aspen as Senior
Counsel in August 2013 and then assumed the role of Associate Group
General Counsel in January 2016 and was appointed Company Secretary
in March 2019. Prior to joining Aspen, Silvia worked at law firms
Willkie Farr & Gallagher LLP and Orrick, Herrington &
Sutcliffe LLP. She is a graduate of Harvard Law School and
University of California, Berkeley.
Zahir Petiwalla
Zahir Petiwalla was appointed Deputy Group Chief Operating
Officer in May 2019. He previously served as Performance Officer
and Chief Operating Officer, Aspen Re. Zahir joined Aspen in 2015
with more than 14 years’ experience working in finance leadership
roles in the (re)insurance industry. His previous role was at XL
Catlin where he was the Group Head of Finance Transformation, and
prior to that he was CFO International and Group Head of Finance at
Torus Insurance.
Sarah Stanford
Sarah Stanford will be appointed Lloyd’s Active Underwriter of
Syndicate 4711 in May 2019, subject to regulatory approval, in
addition to her current role as International Head of Financial
Institutions. She joined Aspen in December 2007 within the
newly formed financial lines team. She focuses on crime,
professional indemnity and directors’ and officers’ liability for a
global financial institutions book. Sarah has more than
20 years' experience within the industry and has previously
worked in underwriting positions at Limit MJ Harrington
Syndicate 2000/QBE.
- ENDS -
NOTES TO EDITORS:
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in
various domestic and global markets through wholly-owned
subsidiaries and offices in Australia, Bermuda, Canada, Ireland,
Singapore, Switzerland, the United Arab Emirates, the United
Kingdom and the United States. For the year ended December 31,
2018, Aspen reported $12.5 billion in total assets, $7.1 billion in
gross reserves, $2.7 billion in total shareholders’ equity and $3.4
billion in gross written premiums. Aspen's operating subsidiaries
have been assigned a rating of “A” by Standard & Poor’s
Financial Services LLC, an “A” (“Excellent”) by A.M. Best Company
Inc. and an “A2” by Moody’s Investors Service, Inc. For more
information about Aspen, please visit www.aspen.co.
Cautionary Statement Regarding
Forward-Looking Statements:
This communication and other written or oral statements made by
or on behalf of Aspen contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
that are made under the “safe harbor” provisions of The Private
Securities Litigation Reform Act of 1995. In particular, statements
using words such as “may,” “seek,” “will,” “likely,” “assume,”
“estimate,” “expect,” “anticipate,” “intend,” “believe,” “do not
believe,” “aim,” “predict,” “plan,” “project,” “continue,”
“potential,” “guidance,” “objective,” “outlook,” “trends,”
“future,” “could,” “would,” “should,” “target,” “on track” or their
negatives or variations, and similar terminology and words of
similar import, generally involve future or forward-looking
statements. Forward-looking statements reflect Aspen’s current
views, plans or expectations with respect to future events and
financial performance. They are inherently subject to significant
business, economic, competitive and other risks, uncertainties and
contingencies. The inclusion of forward-looking statements in this
or any other communication should not be considered as a
representation by Aspen or any other person that current plans or
expectations will be achieved. Forward-looking statements speak
only as of the date on which they are made, and Aspen undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as otherwise required by law.
There are or will be important factors that could cause actual
results to differ materially from those expressed in any such
forward-looking statements, including but not limited factors
affecting future results disclosed in Aspen’s filings with the SEC,
including but not limited to those discussed under Item 1A, “Risk
Factors”, in Aspen’s Annual Report on Form 10-K for the year ended
December 31, 2018, which is incorporated herein by reference.
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7184 8544Senior Communications ManagerPeter.krinks@aspen.co
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