Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) announced
today that Stephen Postlewhite, previously Aspen’s Chief Risk
Officer, has been appointed to the position of Chief Executive
Officer of Aspen Re, the Company’s reinsurance business, with
immediate effect. He succeeds James Few who is leaving Aspen to
pursue other opportunities.
Emil Issavi has been appointed President of Aspen Re in addition
to his existing role as Chief Underwriting Officer for Aspen’s
reinsurance business. Brian Boornazian will remain as Chairman of
Aspen Re and Chief Executive Officer of Aspen Re, North
America.
Aspen’s Chief Executive Officer Chris O’Kane said: “We are
delighted to have Steve Postlewhite - one of our brightest and most
able leaders - at the helm of Aspen Re, particularly at a time of
continuing change in the reinsurance market. Steve is the architect
of Aspen’s capital modelling capability and played an integral role
in building the strong risk management framework which underpins
our business today.
“By leveraging our strong local capabilities around the world as
well as deep, long-term client relationships and a highly
successful alternative reinsurance business, Aspen Re has delivered
excellent performance despite market headwinds. The business
delivered an underwriting profit of over $250 million and a
combined ratio of 76.4% in 2013 and an average combined ratio of
89.2% over the past five years. We have a very strong senior
management team within Aspen Re and Steve Postlewhite is the right
leader to continue to drive our reinsurance strategy forward, to
adapt to fast changing market conditions and to take Aspen Re to
the next level.”
Chris O’Kane added: “I would like to thank James for the
significant contribution he has made to Aspen over the last 12
years, most recently in terms of growing Aspen Re and in developing
our Bermuda platform. We wish him every success in his future
endeavors.”
Commenting further, Chris O’Kane said: “Emil Issavi is an
extremely talented underwriter with outstanding technical expertise
and he has played a critical role in the success of Aspen Re. I am
pleased to announce his promotion to President of Aspen Re. We are
also very fortunate to have someone of the caliber of Brian
Boornazian, whose exceptional market knowledge, experience and
connections, particularly in the United States, allows clients and
brokers to benefit fully from our superior underwriting
abilities.”
Brian Boornazian, Chairman of Aspen Re, added: “I am delighted
to welcome Steve as CEO of Aspen Re. We have an outstanding
business and I look forward to working closely with Steve, Emil and
the rest of the leadership team as we deliver the next phase of our
strategy.”
Following Stephen Postlewhite’s appointment, Richard Thornton,
Aspen’s Head of Strategy, will assume the position of Group Chief
Risk Officer, in addition to his current role.
Mike Cain, Aspen’s Group General Counsel, has been appointed,
subject to Aspen Bermuda Limited Board and regulatory approval,
Chief Executive Officer of Aspen Bermuda Limited, Aspen’s Bermuda
operating company, in addition to his current role.
Notes to Editors:
Stephen Postlewhite joined Aspen in 2003 as Deputy Chief
Actuary and became the Head of Risk Capital in 2009. He was
appointed Aspen’s Group Chief Risk Officer in February 2013. Before
joining Aspen, Stephen spent a year at the Financial Services
Authority working on the development of the Individual Capital
Assessment process for non-life insurers. He had previously spent
nine years with KPMG in London and Sydney, working as a senior
general insurance actuarial consultant – predominantly on the
London market, Lloyd's and reinsurance clients. Stephen started his
career as a management consultant at Andersen Consulting and
has been a Fellow of the Institute of Actuaries since 2001.
About Aspen Reinsurance (“Aspen Re”)
Aspen Re is a business segment of Aspen with gross written
premiums of US$1.1 billion for the year ended December 31, 2013.
Aspen Re offers a broad range of specialty reinsurance products and
has a global footprint with offices in the United States, Bermuda,
the United Kingdom, Switzerland, France, Germany and Singapore.
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, Germany, Ireland,
Singapore, Switzerland, the United Kingdom and the United States.
For the year ended December 31, 2013, Aspen reported $10.2 billion
in total assets, $4.7 billion in gross reserves, $3.3 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.
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 the appointment of personnel and achievement
of Aspen’s business plans and strategies. 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. 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, 2013 filed with the U.S. Securities
and Exchange Commission on February 20, 2014. Aspen undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Please visit www.aspen.co or:InvestorsAspenKerry
Calaiaro, +1-646-502-1076Senior Vice President, Investor
RelationsKerry.Calaiaro@aspen.coorKathleen de Guzman,
+1-646-289-4912Vice President, Investor
Relationskathleen.deguzman@aspen.coorMediaAspenSteve Colton,
+44-20-7184-8337Head of
CommunicationsSteve.Colton@aspen.coorInternational – Citigate Dewe
RogersonCaroline Merrell,
+44-20-7638-9571caroline.merrell@citigatedr.co.ukorJos Bieneman,
+44-20-7638-9571jos.bieneman@citigatedr.co.uk+44-20-7638-9571orNorth
America – Abernathy MacGregorCarina Davidson,
+1-212-371-5999ccd@abmac.comorAllyson Vento,
+1-212-371-5999amv@abmac.com
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