Aspen US Insurance has announced the set up of its new surety insurance unit, led by Michael Toppi, executive vice-president of Aspen US Insurance.

Joining Mr Toppi will be Mathew Raino, vice-president, commercial surety, and Ryan Field, assistant vice-president, commercial surety. The surety team will based in Rocky Hill, Connecticut and will focus on public and private commercial and non-construction surety.

John Cavoores, Co-CEO of Aspen Insurance, said: “I am delighted that Mike has joined Aspen. He is a recognised industry leader with twenty three years of experience.

“He has great broker and client relationships and all the necessary technical skills to continue his profitable track-record. The formation of this business is another step in the development of Aspen's US specialty insurance operations.”

Mr. Toppi said: “I am very pleased to be joining the Aspen team and look forward to working with underwriting professionals that share a common view of the business. I welcome the opportunity to build a first class surety franchise with Aspen's support.”

Mr Cavoores added: “Entering this particular market segment is consistent with Aspen's strategy of selective diversification in businesses that have historically produced great results. I look forward to working with Mike and his team.”