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Aspen names Dunleavy CEO, Bermuda, Aman to lead outwards cessions


Numerous changes at the executive level have been announced by Aspen Insurance Holdings Limited, including a new CEO for its Bermuda underwriting platform and handing responsibility for outwards reinsurance and retrocessions to the CRO.

aspen-insurance-logoInsurance and reinsurance group Aspen has undergone a period of strategic change ever since private equity and alternative investment specialist Apollo Global Management, LLC took the re/insurer private earlier this year.

The first major change was the installation of ex-Brit Executive Chairman Mark Cloutier as Chairman and Chief Executive Officer (CEO) of Aspen Insurance Holdings.

Now, the company has announced a raft of executive changes, a couple of which seem particularly relevant to those interested in ILS and collateralized reinsurance.

As a reminder, Aspen has an established and growing insurance-linked securities (ILS) and collateralized reinsurance platform, in Aspen Capital Markets, Aspen Capital Advisors and through the use of its Peregrine Re collateralized reinsurance and segregated accounts vehicle.

The Aspen Capital Markets team has not been touched by the recent changes, but other areas of the business that work closely with them have seen adjustments.

In yesterday’s announcement, Aspen revealed that Christian Dunleavy, currently Managing Director of Aspen Re and Chief Underwriting Officer of Aspen Bermuda Limited, has in addition to those responsibilities been appointed as the new Chief Executive Officer (CEO) of Aspen Bermuda Limited.

Dunleavy joined Aspen Re in September 2015 as Head of Global Property Catastrophe, having previously worked at competitor Axis Reinsurance from 2002 as a Senior Vice President, before which he was at RenaissanceRe.

Also of note, Tim Aman, the current Group Chief Risk Officer (CRO) of Aspen, will now also take on lead responsibility for outwards reinsurance and retrocession analysis, structuring and placement.

Aman joined Aspen as Group CRO in May 2017, prior to which he was Principal of Broctuary Inc., an independent Florida-based consultancy focused on actuarial, broking and risk management. He previously worked as CRO at Montpelier Re for eight years and as a Managing Director for Guy Carpenter’s Global Accounts and Latin America and Caribbean reinsurance broking teams.

Aman will likely be instrumental in the collateralized reinsurance and quota share cessions that Aspen offers to third-party investors through its Peregrine Re vehicle, as well as any other cessions made to the capital markets.

Commenting on the executive changes made, Mark Cloutier, Executive Chairman and Group Chief Executive Officer, said, “As we continue our focus on operational improvement and strengthening Aspen’s competitive position, it is essential we have the right talent to execute on our strategy, serve brokers and customers and drive to enhance the long-term value of our business. I am confident the leadership team, including the new members we are announcing today, is well equipped to meet the challenge of leading Aspen through its next chapter of change and profitable growth.”

Other changes announced yesterday included:

  • Mike Cain, previously Group General Counsel, has been appointed Group Chief Operating Officer and will remain Chief Executive Officer of Aspen UK for a transition period, subject to regulatory approval;
  • Bryan Astwood, Group Chief Investment Officer, has been appointed to the Group Executive Committee;
  • Jonny Atkinson, in addition to his current role as Global Head of Insurance Marketing and Distribution, has been appointed Head of Insurance London;
  • Marcus Foley, previously Group Head of Capital Management, has been appointed Chief Strategy Officer, focused on developing and executing strategic corporate initiatives and performance analysis metrics and methods, and to the Group Executive Committee;
  • Paul Frydas, Group Chief Actuary, has been appointed to the Group Executive Committee;
  • Silvia Martinez, previously Associate Group General Counsel, has been appointed Group General Counsel and Company Secretary and to the Group Executive Committee;
  • Zahir Petiwalla, Performance Officer and Chief Operating Officer, Aspen Re, has been appointed Deputy Group Chief Operating Officer; and
  • Sarah Stanford, International Head of Financial Institutions, will be appointed to the additional position of Lloyd’s Active Underwriter of Syndicate 4711, subject to regulatory approval.

There were departures to announce as well, as Kate Vacher, who had been with Aspen since 2002 most recently as Group Director of Underwriting and Chief Executive Officer of Aspen Bermuda Limited, is leaving to pursue personal interests. While David Schick, former Group Chief Operating Officer, and Donald Harrell, the former Head of International Insurance and Global Head of Marine, are also both leaving Aspen to pursue opportunities outside the firm.

Cloutier continued, “I want to thank David, Kate and Donald for their service and commitment to Aspen over the years. Our business is well positioned thanks to their many contributions, and we wish them well in their future endeavors.”


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