Bermuda-based Aspen Insurance Holdings Limited said it intends to expand its US property reinsurance underwriting through the formation of a new property reinsurance team based in Connecticut.

Although a Bermuda-based company, Aspen?s largest presence is in London.

Slated to lead the operation is Brian Boornazian, formerly of XL Reinsurance America Inc., who will join Aspen Re America as president and chief underwriting officer, property reinsurance and will direct a team of five property reinsurance specialists, focusing on underwriting proportional and risk excess treaty reinsurance.

In a press statement, the company said the addition of the US-based property reinsurance team would bring new customers to Aspen, who do not normally access the London market.

Aspen Re America?s property underwriting will be based in Rocky Hill, near Hartford, Connecticut while its casualty facultative reinsurance business under Alice Cathrall is to be based in Marlton, New Jersey.

The establishment of a domestic underwriting capability was said to not affect Aspen Re?s underwriting strategy in London, where it will continue to service all existing relationships with London brokers.

Aspen?s chief executive Chris O?Kane said: ?I am delighted that one of the most highly regarded underwriting teams in the US is joining Aspen. This team complements our current underwriting skills in respect of US reinsurance business and places Aspen closer to key US cedents and brokers.

?Our expansion into the US property reinsurance market is consistent with our strategy of pursuing growth by evaluating the best places to put our capital and people.?

Mr. Boornazian said: ?I am excited to be joining Aspen Re America. By being able to offer customers Aspen?s unencumbered balance sheet and strong underwriting record, Aspen Re America is in a strong position to pursue the opportunities the US property reinsurance market offers.?

Mr. Boornazian was formerly senior vice-president and chief marketing officer and manager, property treaty reinsurance at XL Re America.