The chairman of Aspen Insurance, Rupert Villiers, is to step down, the company has said.

Mr Villiers, who is also president of Aspen International Insurance, will leave the company at the end of October.

He will be replaced as president of international insurance by Ann Haugh, who has been with the company since 2013.

She will also continue in her current role as global chief operating officer of Aspen Insurance.

Mr Villiers said: “I am very pleased that everything that my team and I have achieved during my tenure at Aspen Insurance.

“The business is well-positioned in a new and exciting stage of its development and I wish Mario Vitale, our insurance chief executive, every success as it moves forward under his leadership.”

Mr Villiers will remain president of the international insurance arm of Aspen until the end of July and continue as chairman of Aspen Insurance until his departure.

He said: “I am happy to be leaving Aspen on an extended timetable as this will allow for a smooth transition of the various aspects of my role.”

Aspen Group chief executive Chris O’Kane added: “Rupert has done an outstanding job in building our insurance franchise and driving forward our insurance strategy.

“He has also made a significant contribution to our executive management capabilities and I would like to thank him sincerely for everything that he had done for Aspen during his time with the company.”

And Mr Vitale thanked Mr Villiers for his “valuable advice and wise counsel” as they worked together to grow the company over several years.

He added: “Ann has made a significant contribution since she joined Aspen almost 18 months ago and she is ideally qualified to lead our international business.

“Her breadth of experience and expertise will be invaluable as we take the business forward to the next stage of development.”