Insurer separates insurance and reinsurance businesses
Aspen Insurance Holdings Limited has separated its insurance and reinsurance businesses in a management overhaul.
Under the reorganization, Aspen's Insurance operations will include its existing International Insurance and U.S. Insurance divisions.
Rupert Villers, global head of Financial and Professional Lines Insurance, has been appointed chief executive of Aspen Insurance. Bill Murray, President of Aspen's US Insurance division will continue to lead Aspen's US Insurance business.
Aspen's reinsurance business will comprise three divisions, Property Reinsurance, Casualty Reinsurance and Specialty Reinsurance. Brian Boornazian has been appointed chief executive of Aspen Reinsurance and James Few has been appointed President of Aspen Reinsurance.
"We are always looking for ways to best serve our clients and we believe creating two distinct identities for our insurance and reinsurance businesses will help to further enhance the excellent service our clients have come to expect from Aspen," said Aspen's Chief Executive Officer Chris O'Kane.
As part of the reorganization, Julian Cusack will assume the role of Group Chief Risk Officer. Mr. Cusack previously served as Chief Operating Officer. Mr. Cusack will remain Chairman and Chief Executive Officer of Aspen Insurance Limited ('Aspen Bermuda'), roles he has held since November 2006 and June 2002, respectively. In addition, Mr. Cusack will continue to chair Aspen's Reserving Committee. As a result of the decentralization of responsibilities, the chief operating officer position at the group level will not be filled.
Commenting on Mr. Cusack's new role, Chris O'Kane said: "Risk management is key to everything we do at Aspen and I am confident that under Julian's leadership we will be able to take this to the next level."
