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Mario Vitale is retiring as CEO of Aspen Insurance, Hamilton, Bermuda-based Aspen Insurance Holdings Ltd. announced Wednesday.
In addition, Robert Rheel, 53, president of Aspen U.S. Insurance, said he also plans to retire from Aspen. Aspen said it is conducting a search for his successor and that Mr. Rheel will stay until the end of June to assist with the transition.
Mr. Vitale, 60, who has been CEO of Aspen Insurance since 2012, also will remain with the company until June 30 to “ensure a smooth transition,” Aspen said in a statement.
Stephen Postlewhite, previously CEO of Aspen Reinsurance, will succeed Mr. Vitale as CEO of Aspen Insurance effective immediately. Thomas Lillelund, previously managing director of the Asia Pacific region for Aspen Reinsurance, succeeds Mr. Postlewhite as CEO of Aspen Reinsurance.
“The leadership changes announced today reflect our strategy of continuing to build strong, diversified insurance and reinsurance platforms for the benefit of our clients, business partners and investors,” Aspen CEO Chris O'Kane said in the statement.
Under Mr. Vitale's leadership “we have grown the U.S. platform significantly and enhanced our highly respected position in the markets we operate in internationally,” Mr. O'Kane said, crediting Mr. Vitale with helping build the specialty insurer's premiums to nearly $2 billion a year.
Bermuda-based Aspen Insurance Holdings Ltd. has appointed senior underwriting managers for its new Dubai reinsurance operation as it seeks to expand in the Middle East and Africa, reported Bloomberg.