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Arch Reinsurance will take over the renewal of Aspen Reinsurance Ltd.'s global credit and surety reinsurance business, the companies announced Thursday.
The move comes following Aspen Re's decision to exit the line, they said in a joint statement.
In addition, the units of Arch Capital Group Ltd. and Aspen Insurance Holdings Ltd. will have “additional discussions about the potential novation of the existing book in the coming months,” they said in a joint statement.
Arch Reinsurance has offered jobs to all Aspen Re’s Zurich-based credit and surety employees, according to the statement. Arch Re’s credit and surety team also is based in Zurich.
“This is a unique opportunity for us to not only augment and diversify our credit and surety portfolio through the acquisition of Aspen Re’s renewal rights, but to also add talented employees to our team,” Michael Hammer, president and CEO of Arch Re Europe, said in the statement.
Meanwhile, Aspen said Friday that Theresa Froehlich has been named chair of Aspen Insurance UK Ltd. and as a non-executive director of the unit and Aspen Managing Agency Ltd.
Aspen also said Natalie Waller has been appointed as a non-executive director of both companies.
Bermuda-based Aspen Insurance Holdings Ltd. ceded about 34% of its gross written premiums to retrocessional and third-party capital providers in the third quarter, up from nearly 29% in the third quarter of 2017, Artemis.bm reports. Aspen's gross written premiums grew 143% year over year to nearly $477 million driven by its financial and professional lines and property/casualty business. Reinsurance premiums declined 8% to $396.4 million due to a reduction in property catastrophe reinsurance business.