Aspen Reorganizes, Rebrands
Aspen Insurance Holdings Ltd. said it is reorganizing its insurance and reinsurance businesses under two separate brands, Aspen Insurance and Aspen Reinsurance.
The move will allow Aspen "to place a greater emphasis on client service, with an increased focus on the regional markets in which it operates," the company said in a statement. Attempts to reach the company for additional comment were not immediately successful.
Under the reorganization, Aspen's insurance operations will comprise primarily its existing international insurance and U.S. insurance divisions. Aspen's reinsurance business will comprise three divisions: property reinsurance, casualty reinsurance and specialty reinsurance.
Rupert Villers, global head of financial and professional lines insurance, has been appointed chief executive officer of Aspen Insurance. Bill Murray, president of Aspen's U.S. insurance division will continue to lead Aspen's U.S. insurance business.
Brian Boornazian has been appointed CEO of Aspen Reinsurance and James Few has been appointed president of Aspen Reinsurance.
As part of the reorganization, Julian Cusack will assume the role of group chief risk officer. Cusack previously served as chief operating officer. Cusack will remain chairman and CEO of Aspen Insurance Ltd., roles he has held since November 2006 and June 2002, respectively. Also, he'll continue to chair Aspen's reserving committee. The chief operating officer position at the group level will not be filled.
Aspen Insurance Holdings Ltd. was launched in Bermuda in June 2002, and its U.K. subsidiary, then-called Wellington Re, started operations in London. Wellington changed its name to Aspen Insurance UK in 2003, and operated in the London market as Aspen Re and Aspen Insurance. Also in 2003, Aspen expanded into the U.S. excess and surplus lines business by launching Boston-based Aspen Specialty, according to the company's Web site.
In 2008, Aspen (NYSE: AHL) launched a new Lloyd's Syndicate, Syndicate 4711 (BestWire, March 28, 2008).
Aspen Insurance Ltd. and Aspen Insurance UK Ltd. both currently have Best's Financial Strength Ratings of A (Excellent).
Shares of the company's stock were trading at $26.82 a share on the afternoon of Jan. 18, down 1.32% from the previous close.
(By Meg Green, senior associate editor, BestWeek: [email protected])
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