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Aspen Insurance Holdings Ltd. has recruited Jonathan Ritz from American International Group Inc.’s Validus Holdings Ltd. to be president with immediate effect, the Bermuda-based insurer said in a statement Tuesday.
Longtime industry executive Mr. Ritz was previously chief executive officer of Validus’ U.S. insurance operations, which included Validus Specialty, Western World Insurance Group and Crop Risk Services, Aspen said in the statement.
In the newly created role, New York-based Mr. Ritz will report to Mark Cloutier, executive chairman and group CEO, and will join the group executive committee and group underwriting committee, Aspen said.
Mr. Ritz appointment is the latest in a series of senior executive changes at Aspen since 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.
Prior to Validus, Mr. Ritz held several chief underwriting and operating positions with United America Insurance Group, IFG Companies-Burlington Insurance Group and ICAT Holdings LLC.
London-based managing general agent Lodestar Marine Ltd., a unit of RSG Underwriting Managers LLC, a division of Chicago-based Ryan Specialty Group LLC, on Tuesday said it has entered into an agreement with the insurance division of Bermuda-based Aspen Insurance Holdings Ltd. to provide protection and indemnity insurance to the owners of small and specialized ships.