Dunleavy takes over as Aspen Bermuda CEO
Christian Dunleavy has been appointed chief executive officer of Aspen Bermuda Ltd.
The promotion of Mr Dunleavy, who will also continue in the roles of managing director of Aspen Re and chief underwriting officer of Aspen Bermuda, is one of a slew of management changes announced by parent company Aspen Insurance Holdings.
The company has also confirmed that its UK-based managing general agency Aspen Risk Management Ltd will be put into run-off.
Aspen added that it has begun the process of closing its Dublin office as a result of the proposed move of its Dublin excess casualty underwriting business to London.
Aspen was acquired by private-equity group Apollo Funds in February this year in a deal worth about $2.6 billion.
Apart from Mr Dunleavy's promotion, the other changes are:
• Mike Cain, previously group general counsel, has been appointed group chief operating officer and will remain chief executive officer of Aspen UK for a transition period, subject to regulatory approval.
• Tim Aman, in addition to his current role as group chief risk officer, will assume lead responsibility for outward reinsurance/Retro analysis, structuring and placement.
• Bryan Astwood, group chief investment officer, has been appointed to the Group Executive Committee.
• Jonny Atkinson, in addition to his role as global head of insurance marketing and distribution, has been appointed head of insurance London.
• Marcus Foley, previously group head of capital management, has been appointed chief strategy officer, focused on developing and executing strategic corporate initiatives and performance analysis metrics and methods, and to the Group Executive Committee.
• Paul Frydas, group chief actuary, has been appointed to the Group Executive Committee.
• Silvia Martinez, previously associate group general counsel, has been appointed group general counsel and company secretary and to the Group Executive Committee.
• Zahir Petiwalla, performance officer and COO, Aspen Re, has been appointed deputy group COO.
• Sarah Stanford, international head of financial institutions, will be appointed to the additional position of Lloyd's Active Underwriter of Syndicate 4711, subject to regulatory approval.
Mark Cloutier, executive chairman and group chief executive officer, said: “As we continue our focus on operational improvement and strengthening Aspen's competitive position, it is essential we have the right talent to execute on our strategy, serve brokers and customers and drive to enhance the long-term value of our business.
“I am confident the leadership team, including the new members we are announcing today, is well equipped to meet the challenge of leading Aspen through its next chapter of change and profitable growth.”
In addition to the leadership changes, Aspen has announced the departure of Kate Vacher, who joined Aspen in 2002 and most recently served as group director of underwriting and chief executive officer of Aspen Bermuda. She is leaving Aspen to pursue personal interests.
David Schick, former group COO, and Donald Harrell, former head of international insurance and global head of marine, are also leaving the company effective immediately to pursue opportunities outside Aspen.
“I want to thank David, Kate and Donald for their service and commitment to Aspen over the years. Our business is well positioned thanks to their many contributions, and we wish them well in their future endeavours,” Mr Cloutier said.