Aspen Insurance (NYSE:AHL)
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Aspen Announces Addition of Five Underwriters to Newly Established U.S.-based
Property Reinsurance Team
HAMILTON, Bermuda, March 8 /PRNewswire-FirstCall/ -- Aspen Insurance Holdings
today announced the addition of five property reinsurance specialists to Aspen
Re America, within its recently formed U.S.-based property reinsurance team
operating out of Rocky Hill, Connecticut.
Brian Boornazian, who is heading up Aspen Re America's property reinsurance unit
as President and Chief Underwriting Officer, will direct this team of longtime
insurance industry veterans to underwrite domestic proportional and risk excess
treaty reinsurance. Mr. Boornazian came to Aspen from XL Reinsurance America
Inc., where he most recently served as Chief Property Officer, responsible for
all property lines of business as well as ocean marine and multi-line business.
Chris O'Kane, Chief Executive Officer, said: "The establishment of a property
reinsurance business in the U.S. further balances our entire property line and
allows us to take advantage of current attractive property reinsurance rates in
the U.S. for complex risks. This talented team will help achieve our goal to
significantly expand Aspen Re's property reinsurance presence in the U.S. this
year."
Brian Boornazian said: "I am delighted to announce the formation of such a
strong and experienced team. I have worked with these individuals many years
and together, we look forward to profitably growing Aspen's property reinsurance
business in the U.S. I am confident that with Aspen's track record we can
capitalize on the market opportunity we see before us while achieving Aspen's
overall strategic goals."
In addition to Mr. Boornazian, the U.S. property reinsurance team includes:
Michael Sowa, Nancy Pelgrift, Russell Wagner, Daniel Yerxa and Brad Lord.
Michael Sowa brings strong management and diverse underwriting skills to his
role as Senior Vice President and Property Reinsurance Treaty Manager, joining
Aspen Re America from XL Re where he served as Vice President and Manager of
property treaty.
As Senior Vice President and Chief Operating Officer of Aspen Re America's
property reinsurance unit, Nancy Pelgrift will manage the unit's operational
activities, in addition to her underwriting responsibilities. She previously
served as Vice President and Property Treaty Underwriter at XL Re.
Russell Wagner joins as Vice President and Property Underwriter, having most
recently served as Home Office Property Manager, responsible for facultative
referrals, as well as handling a book of automatics and treaty business at XL
Re.
Daniel Yerxa joins as Vice President and Property Underwriter. He previously
served as Vice President and Underwriter in the Property Treaty unit of XL Re.
Brad Lord joins Aspen Re America as Vice President and Property Underwriter.
Prior to Aspen, he was Assistant Vice President and Underwriter in the Property
Treaty unit at XL Re.
About Aspen Re America
As previously announced in January, Aspen's U.S. property reinsurance activities
will be conducted on behalf of Aspen Insurance UK Limited ("Aspen Re") under the
Aspen Re America name. Aspen's U.S.-based property reinsurance team complements
the business written by Aspen Re's London underwriters since it enables Aspen to
enter a niche market and attract new clients who do not normally access the
London market, thereby diversifying Aspen's portfolio of risk. It also
facilitates the development of a proportional treaty account, which benefits
from underwriters working in close proximity to clients and brokers. The
establishment of a domestic underwriting capability will not affect Aspen Re's
underwriting strategy in London, where it will continue to service all existing
relationships with London brokers.
Aspen Re America also underwrites U.S.-based casualty facultative reinsurance
business on behalf of Aspen Re. This unit, which is led by Executive Vice
President and Chief Facultative Underwriter, Alice Cathrall, underwrites
casualty facultative lines including umbrella and excess, general liability and
workers comp and is based in Marlton, New Jersey. The team consists of Thomas
Kiessling, Ross Petronchak and John Skoff, all Vice Presidents and Casualty
Underwriters and Barbara Pearse, Technical Manager.
About Aspen Insurance Holdings Limited
Aspen Insurance Holdings Limited (Aspen) was established in June 2002. Aspen is
a Bermudian holding company that provides property and casualty reinsurance in
the global market, property and liability insurance principally in the United
Kingdom and surplus lines insurance in the United States. Aspen's operations are
conducted through its wholly-owned subsidiaries located in London, Bermuda and
the United States: Aspen Insurance UK Limited, Aspen Insurance Limited and Aspen
Specialty Insurance Company. Aspen's reinsurance segment consists of property
reinsurance, casualty reinsurance and specialty reinsurance lines of business.
Aspen's insurance segment consists of commercial property insurance and
commercial liability insurance lines of business. Aspen's principal existing
shareholders include The Blackstone Group, Candover Partners Limited, Credit
Suisse First Boston Private Equity and Wellington Underwriting plc.
This press release contains, and Aspen may from time to time make, written or
oral "forward-looking statements" within the meaning of the U.S. federal
securities laws. All forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of uncertainties and other
factors, many of which are outside of Aspen's control that could cause actual
results to differ materially from such statements. For a detailed description of
these uncertainties and other factors that could cause the actual results to
differ, please see the "Risk Factors" section in Aspen's Registration Statement
on Form F-1 with respect to the ordinary shares, filed with the U.S. Securities
and Exchange Commission.
DATASOURCE: Aspen Insurance Holdings
CONTACT: U.S. Contacts, Carina Thate or Erin Moore, both of The
Abernathy MacGregor Group, +1-212-371-5999; or U.K. Contacts, Brian Hudspith
of The Maitland Consultancy, +44-20-7379-5151; or Insurance/Trade Contact,
Chris O'Kane, Chief Executive Officer, +44-20-7929-4000, or Investor Contact,
Julian Cusack, +1-441-295-8201, both of Aspen Insurance Holdings Limited