Aspen UK Cleared to Write Commercial Lines in Switzerland

Aspen Insurance Holdings Ltd. said its Aspen Insurance UK Ltd.Zurich branch was approved by Swiss regulators as an admitted direct insurer in Switzerland.

Following the approval by the Swiss Financial Market Supervisory Authority, Aspen Insurance UK can now underwrite liability, property, rail, aviation, marine, accident, credit, surety and financial and professional lines in Switzerland.

Aspen's Swiss branch office is in Zurich. The group plans to open a representative office in Geneva.

It will target Swiss commercial insurance through registered brokers, Aspen said in a statement, and will focus on financial and professional lines, including financial institutions, and other casualty lines.

The Aspen team in Switzerland includes Detlef Behrens, who joined Aspen in August 2010 as head of casualty underwriting. He had been a partner at Tandem Assekuranz Insurance Brokers in Germany. Before that, he held underwriting positions with Ace Germany, ERC Frankona and Gerling.

Also part of the team is Salvatore Camuglia, who joined Aspen in September 2010 as head of financial lines underwriting. He had previously held multinational roles in financial lines with Zurich Insurance Co.

Patrick Katz, who joined Aspen in July 2010 as operations executive, came from Abraxas Insurance AG, a Lloyd's coverholder in Zurich. Before than he had been with American International Group.

Early this year, Aspen Insurance Holdings reorganized its insurance and reinsurance businesses under two separate brands, Aspen Insurance and Aspen Reinsurance (BestWire, Jan. 18, 2010). Under the reorganization, Aspen's insurance operations include its existing international insurance and U.S. insurance divisions. Aspen's reinsurance business includes three divisions: property reinsurance, casualty reinsurance and specialty reinsurance.

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 website.

In 2008, Aspen (NYSE: AHL) launched a new Lloyd's syndicate, Syndicate 4711 (BestWire, March 28, 2008).

Aspen Insurance UK Ltd. and Aspen Insurance Ltd. currently have a Best's Financial Strength Rating of A (Excellent).

(By David Pilla, international editor, BestWeek: David.Pilla@ambest.com)