Aspen to pay CFO $2 million retention bonus following departures
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Aspen Insurance Holdings Ltd. will pay CFO Scott Kirk a $2 million retention bonus, according to a filing with the U.S Securities and Exchange Commission on Tuesday.
The grant will be paid on Jan. 1, 2020, subject to the terms of an agreement between Mr. Kirk and Aspen, according to the filing, and will be paid in addition to his current compensation, which was $1.6 million in 2017, according to Aspen’s latest proxy.
In a letter to Mr. Kirk included in the filing, Aspen CEO Chris O’Kane said: “In light of the prevailing market conditions, Aspen would like to recognize a small number of key employees who contribute significantly to Aspen and who play an integral role in Aspen’s future.”
The bonus comes in the wake of Aspen losing several senior executives, including most recently Thomas Lillelund, who last week joined American International Group Inc.
Mr. O’Kane made note of other departures during the Bermuda-based insurer and reinsurer’s second-quarter earnings call earlier this month, saying “some good people left.”
Mr. O’Kane added that while some staff left as part of Aspen’s efficiency drive – “too many senior people doing similar job” – others may have departed “given that some of the news feed that we had in the last few months,” referring to speculation that Aspen might be sold.
Mr. O’Kane also addressed that speculation on the call, saying “Our board is very open-minded, and all options remain on the table in terms of preserving and creating shareholder value.”
In 2014, Aspen fought off a hostile takeover bid by rival Endurance Specialty Holdings Ltd.
