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Aspen expands presence in US

Bermuda’s Aspen Insurance is expanding its presence in America with the formation of a specialty marine, energy and construction unit within its US Insurance business.

The unit will be led by Anthony S. Carroll who has been named its executive vice president.

The company said it complements Aspen Insurance's existing London-based operations in marine, energy and construction and creates a focused, specialist offering for clients and brokers in these sectors in the US.

“The US-based marine, energy and construction unit will underwrite a variety of onshore energy and construction sector classes of business with a focus on property covers and will distribute its products in the US primarily through a limited number of retail and wholesale brokers,” Aspen said in a statement.

“This unit will have an integrated team of underwriters, engineers, and claims professionals focused on providing creative risk management based solutions for the marine, energy and construction industries. Aspen US Insurance's existing marine business will be incorporated into this unit.”

Mr Carroll joins Aspen with 28 years of insurance experience. Most recently he was with Liberty International Underwriters where he spent 11 years in leadership positions in their global marine, energy, fire and construction business.

CEO Mario Vitale said: "The formation of a dedicated marine, energy and construction unit in the US, focused on property and onshore energy, fits perfectly with our strategy of providing specialty solutions anchored by an industry focus.

“The global energy landscape is growing and evolving, and we are pleased to be in a position to help energy clients and brokers meet the demands of their business including their construction protection needs.

“Tony brings a wealth of experience to Aspen Insurance and he will be instrumental in helping us to expand our presence in the US and build on the success we have had to date.

Mr Carroll commented: "This team will be highly specialised and dedicated to the marine, energy and construction industry, in line within Aspen Insurance's approach to all specialist lines of business.”

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Published April 10, 2013 at 9:00 am (Updated April 09, 2013 at 7:02 pm)

Aspen expands presence in US

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