Aspen names new CFO, reports 2019 loss

Bermuda-based Aspen Insurance Holdings Ltd. on Monday named Kevin Chidwick group chief financial officer from May 1, as it reported a net loss after tax of $241.7 million in 2019.

Mr. Chidwick replaces Scott Kirk, who will leave Aspen on April 30 to pursue opportunities outside of the company, Aspen said in a statement.

He will report to Mark Cloutier, executive chairman and group CEO, and will be based in London, Aspen said.

Mr. Chidwick was previously chief financial officer at financial advice network Openwork Ltd., and before that was CFO of U.K.-based insurer Admiral Group PLC from 2005 to 2014.

The appointment of a new CFO came as Aspen said its 2019 loss was driven by restructuring costs, reserve strengthening, unrealized investment losses and exchange rate impact related to the $2.6 billion acquisition of the company by Apollo Global Management LLC a year ago.

Aspen strengthened its net reserves by $59.5 million in 2019, following review by its new management, the insurer said.

“While our financial results for 2019 are disappointing, given the impact of deal related costs, restructuring charges and specific actions taken to improve underwriting performance and strengthen reserves, it is rewarding to see that underlying trends in our forward trading businesses are showing significant improvement,” Mr. Cloutier said in a statement.

The insurer has made key executive changes in the last year following the appointment of Mr. Cloutier as executive chairman and group CEO in February 2019.