Mark Cloutier was previously Brit chief executive between 2011 and January 2017

Brit executive chairman Mark Cloutier is stepping down from his role with a view to becoming chairman and chief executive of Aspen.

Cloutier, who was Brit chief executive between 2011 and January 2017, will leave Brit in December to take up a role with an affiliate of Apollo Global Management, the group looking to acquire Aspen for $2.6bn.

Following completion of the transaction, Cloutier will then take up the role of Aspen chairman and chief executive.

Matthew Wilson, chief executive of Brit, said: “Mark has played a pivotal role in Brit’s recent history, driving the establishment of Brit as a top-quartile Lloyd’s insurer and leading the business through its return to the public markets and subsequent acquisition by Fairfax.

“The high esteem with which Mark is held across the business is testament to what he has achieved at the highest levels in our industry.  

“Both on behalf of the board and personally, I would like to thank Mark for his leadership, wise counsel and most importantly, friendship and wish him the very best in the next stage of his career.”

Cloutier, commented: “Being part of the Brit story has been an exciting and rewarding experience, I am proud of what we achieved and can leave knowing I leave an outstanding team and market leading business under Matthew’s very capable leadership.  

“The combination of Brit’s many strengths with the resources, support and values of the Fairfax group puts the company in a terrific position to grow and succeed well into the future.

”I will always owe a debt of gratitude to, and will be a good friend and supporter of, Matthew Wilson and the Brit team as well as Prem Watsa and the entire Fairfax organisation.”

Prem Watsa, chief executive of Fairfax, said: “Mark has been a friend to Fairfax for many years and, since the acquisition of Brit in 2015, has made an invaluable contribution across the group. We wish him well and look forward to a continuing long friendship.”