Bermuda-based Aspen Insurance Holdings Ltd. yesterday announced the appointment of Richard Houghton as its chief financial officer, replacing Julian Cusack.

Mr. Houghton has moved to Aspen from Royal Bank of Scotland Group, where he was chief operating officer, RBS Insurance since 2005. There, he was responsible for driving operational efficiency and excellence across the finance, IT, risk, HR, claims and actuarial functions of this division, which generated over $1.8 billion in annual profits.

Previously, he was group finance director of RBS Insurance. Mr. Houghton was also group finance director of Ulster Bank, another subsidiary of RBS. He began his professional career as an accountant at Deloitte & Touche where he spent 10 years working in audit, corporate finance recovery. He is a Fellow of the Institute of Chartered Accountants in England and Wales.

Mr. Houghton will report to Chris O’Kane, Aspen’s chief executive officer, who said: “Aspen, which is celebrating its fifth anniversary this summer, is moving into the next phase of its development. And the experience Richard brings will complement and broaden our capabilities for the challenges and opportunities ahead.”

Mr. Cusack, who has served as CFO since the creation of Aspen in 2002, will serve as chairman and CEO of Aspen Insurance Ltd.