Aspen Appoints Julian Cusack Chief Operating Officer and Expands Role of Richard Houghton, Chief Financial Officer
March 17 2008 - 12:29PM
Business Wire
Aspen Insurance Holdings Limited (�Aspen� or the �Company�)
(NYSE:AHL), today announced the promotion of Mr. Julian Cusack to
the role of Chief Operating Officer of the Company. Julian�s new
role will include responsibility for Aspen�s Actuarial, Risk
Management, Compliance and Legal departments. He will also continue
as Chairman and Chief Executive Officer of Aspen Insurance Limited
('Aspen Bermuda'), roles he has held since November 2006 and June
2002 respectively. In addition, Mr. Cusack will continue to chair
Aspen�s Reserving Committee and maintain responsibility for certain
special projects. The Company also announced that Mr. Richard
Houghton, Chief Financial Officer, will assume additional
responsibilities for operational oversight of Aspen�s Human
Resources, Information Technology and Insurance/Reinsurance Claims
departments. Julian Cusack and Richard Houghton will continue to
report to Chris O�Kane, Chief Executive Officer. The promotion of
Julian Cusack and the expansion of Richard Houghton�s role follow
the decision by Mr. Stuart Sinclair, President and Chief Operating
Office of Aspen, to resign effective as of April 17, 2008 in order
to pursue other business and personal opportunities. Mr. Chris
O�Kane, Chief Executive of Aspen, commented: �I would like to
congratulate Julian on his appointment as Chief Operating Officer.
He has been an instrumental figure in Aspen�s development since the
Company�s inception and we are delighted to be able to further
access his business acumen. I am also pleased to expand Richard
Houghton�s role to take on additional operational responsibilities
� all in disciplines where he has significant prior experience.
�Stuart has been highly effective in his role as an agent of change
at Aspen. He has put in place the necessary infrastructure to
support our expansion in Europe and reorganisation in the United
States with great success and I wish him all the very best in his
future endeavours.� Mr. Glyn Jones, Chairman of Aspen, added: �Both
Julian Cusack and Richard Houghton are highly capable individuals
and the evolution of their responsibilities at Aspen is testament
to the depth of our senior management team. I too would like to
wish Stuart well and thank him for his contribution to Aspen.�
About Aspen Insurance Holdings Limited Aspen provides reinsurance
and insurance coverage to clients in various domestic and global
markets through wholly-owned subsidiaries and offices in Bermuda,
France, Ireland, the United States, the United Kingdom, and
Switzerland. For the year ended December 31, 2007, Aspen reported
gross written premiums of $1.8 billion, net income of $489.0
million and total assets of $7.2 billion. For more information
about Aspen, please visit www.aspen.bm. Aspen's Ratings � Aspen
Insurance UK Limited Aspen Insurance Limited A (Strong) Standard
& Poor's A (Strong) Standard & Poor's A (Excellent) A.M.
Best A (Excellent) A.M. Best A2 (Good) Moody's A2 (Good) Moody's �
Aspen Specialty Insurance Company A- (Excellent) A.M. Best
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 changes in key personnel and their impact on Aspen. 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, 2007, filed with the U.S. Securities
and Exchange Commission on February 29, 2008.
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