Aspen Announces Board Changes
July 25 2007 - 8:47AM
Business Wire
Aspen Insurance Holdings Limited (the �Company�) (NYSE:AHL) today
announced that Prakash Melwani and Kamil Salame will be stepping
down from the Board today. Mr. Melwani is a Senior Managing
Director of Blackstone�s Private Equity Group and Mr. Salame is a
partner of DLJ Merchant Banking Partners. Blackstone and DLJ
Merchant Banking Partners no longer own stakes in the Company after
selling their remaining interests on July 3, 2007. Richard Bucknall
and Matthew B. Botein will be joining the Board today as
Non-Executive Directors. Mr. Bucknall will chair the Company�s
Compensation Committee and will also sit on the Company�s Audit
Committee. Mr. Botein will be a member of the Company�s
Compensation Committee, Corporate Governance and Nominating
Committee and Investment Committee. Richard Bucknall brings an
exceptional background in insurance broking to Aspen. Mr. Bucknall
recently retired from the Willis Group where he was Vice Chairman
and earlier held roles as Group Chief Operating Officer and
Chairman/Chief Executive Officer of Willis Limited. He was
responsible for leading the development of Willis� international
network and played a crucial role in various strategic
acquisitions. Mr. Bucknall is currently a Non-Executive Director of
FIM Services Limited. He is a Fellow of the Chartered Insurance
Institute. Matthew B. Botein is a Managing Director and member of
the Management Committee at Highfields Capital Management, a
Boston-based investment management firm with in excess of $10
billion under management. At Highfields, he is responsible for the
firm's investments in the financial services industry. Prior to
joining Highfields, he was a Principal in the private equity
department of The Blackstone Group. He currently serves on the
boards of Cyrus Reinsurance Holdings Limited, a "sidecar"
Highfields formed with XL Capital, and Integro Limited, an
insurance broker, and previously was a member of the board of Aspen
from its formation until 2003. He is a graduate of Harvard College
and Harvard Business School. Chris O�Kane, Chief Executive Officer
of Aspen commented: �Both Prakash Melwani and Kamil Salame are
excellent examples of how private equity can contribute to a
company's vision and maturity, and I want to thank them for their
time and personal commitment during their tenure on the Board. I am
also delighted that Matt Botein is rejoining the Board. He knows
Aspen well and I welcome the opportunity to work with him again.
The addition of Richard Bucknall, an experienced and knowledgeable
insurance broker provides a fresh perspective as we continue to
develop and evolve.� Glyn Jones, Chairman of Aspen commented,
�Prakash Melwani and Kamil Salame have been instrumental in helping
to shape and position Aspen since our formation five years ago and
I would like to thank them both for their contribution. It has been
a pleasure to work with them. Both Matt Botein and Richard Bucknall
bring a wealth of business experience in the insurance industry to
our Board which I believe will be invaluable as we continue to grow
our business globally. � About Aspen Insurance Holdings Limited
Aspen is a Bermudian holding company providing property and
casualty reinsurance in the global market, property and liability
insurance principally in the United Kingdom and the United States
and specialty insurance and reinsurance consisting mainly of marine
and energy and aviation worldwide. Aspen�s operations are conducted
through its wholly-owned subsidiaries located in London, Bermuda
and the United States: Aspen Insurance UK Limited, Aspen Insurance
Limited and Aspen Specialty Insurance Company. Aspen has four
operating segments: property reinsurance, casualty reinsurance,
specialty insurance and reinsurance and property and casualty
insurance. For more information about Aspen, please visit the
Company�s website at www.aspen.bm. Application of the Safe Harbor
of the Private Securities Litigation Reform Act of 1995 This press
release contains written, and Aspen's officers may make related
oral, "forward-looking statements" within the meaning of the U.S.
federal securities laws regarding the appointment of Board members
and changes in the Board. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that
do not relate solely to historical or current facts, and can be
identified by the use of words such as "expect," "intend," "plan,"
"believe," "project," "anticipate," "seek," "will," "estimate,"
"may," "continue," and similar expressions of a future or
forward-looking nature. All forward-looking statements rely on a
number of assumptions, estimates and data concerning future results
and events and are subject to a number of uncertainties and other
factors, many of which are outside Aspen's control that could cause
actual results to differ materially from such statements. For a
detailed description of uncertainties and other factors that could
impact the forward-looking statements in this release, please see
the "Risk Factors" section in Aspen's Annual Report on Form 10-K
for the year ended December 31, 2006, filed with the U.S.
Securities and Exchange Commission on February 22, 2007.
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