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Aspen Announces Increased Emphasis On Regional Leadership In Its Reinsurance Segment

Stocks in this article: AHL

Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) today announces changes to the management of its reinsurance segment (Aspen Re). Effective today, Brian Boornazian (CEO, Aspen Re) will assume the position of Chairman of Aspen Re. James Few (President, Aspen Re) will become CEO of Aspen Re. Emil Issavi will become CUO of Aspen Re.

Aspen has made a number of management changes in its reinsurance segment, which reinforces Aspen Re’s commitment to serving its clients by combining its global product expertise with local deployment of underwriting capabilities.

Brian Boornazian has been appointed as Chairman and Performance Director of Aspen Re and CEO of North America for Aspen Re. In this role he will oversee the development and execution of Aspen’s global reinsurance business strategy and will also leverage his extensive market experience and client knowledge to further enhance Aspen Re’s approach to client service and relationship management globally. He will also be responsible for managing business performance.

James Few, will become CEO of Aspen Re and will develop, establish and execute Aspen Re’s global business strategy, with responsibility for its successful implementation.

Emil Issavi has been appointed as Chief Underwriting Officer of Aspen Re. In addition, Managing Directors have been appointed for Europe, North America, Asia Pacific, Latin America, Middle East and Africa and Global Accounts.

Commenting on the changes, Aspen’s CEO, Chris O’Kane said “Aspen Re has grown to be an established market leader since our formation 10 years ago. A cornerstone of our success has been a rigorous focus on our clients and client service. Over this period, however, the reinsurance market has continued to evolve with increased emphasis on business being placed locally. The changes announced today reflect this trend and our reinsurance business will be managed on an increasingly regionalized and client facing basis.”

About Aspen Insurance Holdings Limited (“Aspen”)

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 $9.5 billion in total assets, $4.5 billion in gross reserves, $3.2 billion in shareholders’ equity and $2.2 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard & Poor’s (“S&P”), an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody’s Investors Service (“Moody’s”).

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