Apollo completes Aspen buy, Cloutier takes charge

Apollo Global Management LLC on Friday said it has completed its $2.6 billion acquisition of Aspen Insurance Holdings Ltd.

Mark Cloutier has been appointed as executive chairman of Aspen’s board and group chief executive officer, effective immediately, as Glyn Jones leaves his position as chairman and Chris O’Kane departs as group CEO and director, Apollo said in a statement.

In addition to the departures of Messrs. Jones and O’Kane, Albert Beer, Matthew Botein, Gary Gregg, Heidi Hutter, Karl Mayr, Bret Pearlman and Ron Pressman have also left the Aspen board with immediate effect, the statement said.

John Cavoores and Gordon Ireland will remain as Aspen directors be joined by Josh Black, Alex Humphreys, Gernot Lohr, Gary Parr and Michael Saffer in addition to Mr. Cloutier, whose appointment was previously announced. 

Under the terms of the agreement announced Aug. 28, investment funds affiliated with Apollo Global Management have acquired all of the outstanding ordinary shares of Aspen for $42.75 per share in cash, representing an equity value of approximately $2.6 billion, the statement said.

Aspen’s ordinary shares ceased trading on the New York Stock Exchange and the Bermuda Stock Exchange on Feb. 15, 2019, the statement added.