Aspen Re Establishes New Capital Markets Division
April 16 2013 - 7:00AM
Business Wire
Aspen Reinsurance (“Aspen Re”), the reinsurance segment of
Aspen Insurance Holdings Limited (NYSE: AHL), announces the
formation of a new division, Aspen Capital Markets, with Brian
Tobben appointed Managing Director of the newly created
unit.
Aspen Re is establishing a new division, Aspen Capital Markets,
to expand its participation in the alternative reinsurance market.
The new venture will be led by Brian Tobben who joined Aspen on
April 8, 2013, having previously been with PartnerRe. Brian will be
based in New York and report to James Few, Chief Executive Officer
of Aspen Re.
James Few said: “Our decision to establish a capital markets
division recognizes developments in the reinsurance market over
recent years as the influence of the capital markets on the
catastrophe segment has steadily increased.
“The focus of the new unit will be to develop alternative
reinsurance structures to leverage our existing underwriting
franchise, increase our operational flexibility in the capital
markets and provide investors direct access to our underwriting
expertise. This initiative builds on our successful partnership
with Cartesian Capital Group at Iris Re, an investment manager
focused on investments in natural catastrophe risk.
“I am delighted that Brian has joined us to lead this new
venture. He has a wealth of experience and I look forward to
working with him as we develop our proposition in the evolving
convergence market.”
Brian Tobben added: “Aspen Re is a highly respected reinsurer
with a clear vision to diversify further into the capital markets.
I am excited to be joining Aspen Re as it looks to build its
capabilities in this area.”
Before joining Aspen Re, Brian Tobben was at PartnerRe for
almost 10 years, most recently as Head of Insurance Linked
Securities where he managed a portfolio of catastrophe ILS, life
ILS, weather and commodity investments and before that, as Vice
President, Weather. Prior to this, Brian was at Aquila where he
held a number of roles including Vice President, Business
Development, Weather.
NOTES TO EDITORS:
About Aspen Reinsurance (“Aspen Re”)
Aspen Re is a business segment of Aspen Insurance Holdings
Limited with gross written premiums of US$1.2 billion in 2012.
Aspen Re offers a broad range of specialty reinsurance products and
has a global footprint with offices in the US, Bermuda, the UK,
Switzerland, France, Germany and Singapore.
About Aspen Insurance Holdings Limited (“Aspen”)
Aspen provides reinsurance and insurance coverage to clients in
various domestic and global markets through wholly-owned
subsidiaries and offices in Bermuda, France, Germany, Ireland,
Singapore, Switzerland, the United Kingdom and the United States.
For the year ended December 31, 2012, Aspen reported $10.3 billion
in total assets, $4.8 billion in gross reserves, $3.5 billion in
shareholders’ equity, and $2.6 billion in gross written premiums.
Its operating subsidiaries have been assigned a rating of “A”
(“Strong”) by Standard & Poor’s, an “A” (“Excellent”) by A.M.
Best and an “A2” (“Good”) by Moody’s Investors Service.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995
This press release contains "forward-looking" statements
regarding future results and events, including, without limitation,
statements regarding appointment of key personnel and achievement
of its business plans. 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,” “likely,” “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, including our ability to
consummate the transactions contemplated by the terms of the
accelerated share repurchase agreement, the share price and share
volumes which may impact timing of repurchases, changes in market
conditions and the impact on our business of such factors. For a
detailed description of uncertainties and other factors that could
impact the forward-looking statements in this press release, please
see the “Risk Factors” section in Aspen’s Annual Report on Form
10-K for the year ended December 31, 2012, filed with the U.S.
Securities and Exchange Commission on February 26, 2013. Aspen
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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