Brian Boornazian, the Chairman of Bermudian re/insurer Aspen’s reinsurance segment, Aspen Re, and also the Chief Executive Officer of Aspen Re, Americas, has been announced as retiring from the firm as of the end of April.
Boornazian has been with Aspen for 14 years and was previously the CEO of Aspen Re from January 2010 to August 2012, president of Aspen Re from June 2008 until January 2010 and head of reinsurance from May 2006, having originally joined Aspen in January 2004 as president of Aspen Re America.
Before joining Aspen, Boornazian was at XL Re America, and had worked at Gen Re, NAC Re, Cologne Re of America and reinsurance broker Guy Carpenter.
Commenting on the departure, Chris O’Kane, Group CEO of Aspen, said: “I would like to thank Brian for his outstanding service to Aspen over the last 14 years. Under his leadership and with his sharp focus on execution, we have grown our reinsurance business significantly and enhanced our highly-respected position in our chosen markets. He has also made a significant contribution to our executive management capabilities and I know that I speak for everyone at Aspen in wishing him every success in the future.
“We have an outstanding team at Aspen Re under the leadership of Thomas Lillelund and Emil Issavi and are well positioned to sustain the long-standing success of the business moving forward.”
Thomas Lillelund, Chief Executive Officer of Aspen Re, also said, “I would like to add my thanks to Brian for his valuable advice and wise counsel as we worked together closely to grow our reinsurance business over the last few years.”
The departure comes at an interesting time for Aspen, with the firm reportedly about to put itself up for sale and bidders already lining up, as we discussed earlier today here.
The roles of Chairman of Aspen Re and Chief Executive Officer of Aspen Re, Americas, will not be replaced, the company said.
Instead, Emil Issavi will continue to lead Aspen’s reinsurance business in the Americas in his capacity as President and Chief Underwriting Officer of Aspen Re.
Boornazian commented, “I am immensely proud of what we have achieved during my time at Aspen and to see our reinsurance segment develop into the outstanding business that it is today. I would like to thank my colleagues and friends within Aspen for their huge support over many years and to wish them much success in the future.”