Aspen Insurance Holdings Limited (“Aspen” or the “Company”) (NYSE:AHL) today announced that it has initiated a search for a new Chief Financial Officer to replace Richard Houghton, who will be leaving the Company effective February 29, 2012 to pursue other opportunities. Mr. Houghton will remain in his role through the Company’s filing of its annual report on Form 10-K for the year ended December 31, 2011.
Julian Cusack, currently Chief Risk Officer of Aspen, will assume the role of acting Chief Financial Officer pending the appointment of a successor to Mr. Houghton. Prior to assuming his current role, Mr. Cusack was the Chief Financial Officer of the Company from its inception until April 2007. Stephen Postlewhite, currently Head of Risk, will assume the role of acting Chief Risk Officer.
Chris O’Kane, Chief Executive Officer of Aspen, said: “Richard has been an invaluable member of our Executive Management team for the past five years. He joined us with a specific mandate to take forward our finance and investment strategies and has accomplished this with considerable success. He has also greatly enhanced our operational infrastructure by overseeing numerous developments in our Human Resources and Information Technology functions. I have enjoyed working with Richard very much and thank him for his strong contribution to Aspen’s growth over the years. We wish him well in his future endeavors.”
He added: “Julian has in-depth knowledge of the Company and has previously performed this role with great success. We are fortunate to have him serve as Interim Chief Financial Officer to ensure a seamless transition, and I look forward to working with Julian again in this capacity as we complete our search process.”Ends About Aspen Insurance Holdings Limited Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2011, Aspen reported gross written premiums of $2,207.8 million, net loss of $105.8 million and total assets of $9.5 billion. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard & Poor’s, an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody's Investors Service.
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