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Aspen makes executive moves, puts MGA in runoff

Aspen makes executive moves, puts MGA in runoff

Bermuda-based Aspen Insurance Holdings Ltd. on Tuesday announced a series of key management changes including several senior departures and said its U.K.-based managing general agency Aspen Risk Management Ltd. will be placed into runoff.

The changes come just months after Mark Cloutier was appointed executive chairman of Aspen’s board and group CEO following the $2.6 billion acquisition of the company by Apollo Global Management LLC.

Aspen is working with the management of Aspen Risk Management “to ensure all policyholder obligations and service requirements are fully supported and consistent with Aspen’s standards of policyholder and broker service,” the company said in a statement.

The decision has “no impact” on Aspen’s mainstream U.K. property and casualty business, the statement said.

As part of the shakeup, Kate Vacher, most recently group director of underwriting and chief executive officer of Aspen Bermuda Ltd., is leaving the company to “pursue personal interests,” according to the statement.

David Schick, former group chief operating officer, and Donald Harrell, former head of international insurance and global head of marine, are leaving the company with immediate effect to “pursue opportunities outside Aspen,” the statement said.

A spokesman for Aspen declined to comment on where Mr. Schick or Mr. Harrell are going.

With immediate effect, Aspen has made the following appointments:

  • 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;
  • Johnny Atkinson, in addition to his current role as global head of insurance marketing and distribution, has been appointed head of insurance London;
  • Christian Dunleavy, currently managing director of Aspen Re and chief underwriting officer of Aspen Bermuda Ltd. has also been appointed chief executive officer of Aspen Bermuda Ltd;
  • Marcus Foley, previously group head of capital management, has been appointed chief strategy officer, 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 also be appointed Lloyd’s active underwriter of syndicate 4711, subject to regulatory approval.

Mr. Cain, Mr. Aman, Mr. Atkinson, Mr. Frydas, Ms. Martinez, Ms. Petiwalla and Ms. Stanford will be based in London, while Mr. Astwood, Mr. Dunleavy, Mr. Foley will be based in Bermuda, the spokesman said.

“As we continue to 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,” said Mr. Cloutier, executive chairman and group CEO in the statement.

Aspen has also begun the process of closing its Dublin office due to the proposed move of its Dublin excess casualty business to London, according to the statement.

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