Aspen Holdings Ltd. yesterday said it had promoted Julian Cusack to be chairman of its Bermuda-based operating subsidiary, Aspen Insurance Ltd.

The promotion of Mr. Cusack, who will continue as chief executive of AIL, comes as Aspen said it planned to focus on expanding the company?s position in the Bermuda market.

Mr. Cusack, who will give up responsibility as chief financial officer once a successor is named, has been with Aspen since it was founded in 2002.

AHL chief executive officer Chris O?Kane said: ?Aspen?s underwriting business in Bermuda has grown rapidly over recent years. Together with Julian, we have recognised the need to create a new, dedicated executive role that is focused on continuing to grow our business in Bermuda and I am delighted that he is to take up the expanded role as chairman and CEO of AIL once his successor as Group CFO is appointed.

?As CFO since Aspen?s formation in 2002, Julian has made many valuable contributions to the company, not least of which was his critical role in building our Bermuda operating company to the point where it is the largest company, in terms of balance sheet size, in the Aspen Group.?

AHL also named three new directors: Stuart Sinclair, president and chief operating officer of Aspen, John Cavoores, the former president and chief executive officer of OneBeacon Insurance Company, and Glyn Jones, the former CEO of Thames River Capital and Gartmore Investment Management.