Aspen CEO to be replaced after sale

Chris O’Kane will be replaced by Mark Cloutier as CEO of Aspen Insurance Holdings Ltd. after the insurer and reinsurer’s acquisition by Apollo Global Management LLC is completed, Aspen announced Monday.

Mr. Cloutier, who is currently executive chairman of rival Brit Ltd., will step down from Brit in December, the London-based unit of Fairfax Financial Holdings Ltd. announced earlier Monday.

Investment management firm Apollo announced it would buy Bermuda-based Aspen for $2.6 billion in August.

The deal is expected to close in the first half of 2019.