Bermuda-based Aspen Insurance Holdings Limited announced that, subject to regulatory filings, it will expand its U.S. property reinsurance underwriting as of January 26, 2004 through the formation of a new property reinsurance team based in Connecticut.
Brian Boornazian, formerly of XL Reinsurance America Inc., will join Aspen Re America as President and Chief Underwriting Officer, Property Reinsurance, and will direct a team of five property reinsurance specialists, focusing on underwriting proportional and risk excess treaty reinsurance.
Aspen’s U.S. property reinsurance activities will be conducted on behalf of Aspen Insurance UK Limited (Aspen Re) under the name “Aspen Re America.” The bulletin noted that “The addition of the U.S.-based property reinsurance team will bring to Aspen new customers who do not normally access the London market. In addition, it will facilitate the development of a proportional treaty account, which requires on the ground regular interaction with clients. Aspen Re America’s property underwriting will be based in Rocky Hill, near Hartford, Connecticut while its casualty facultative reinsurance business under Alice Cathrall is based in Marlton, New Jersey. 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.”
CEO Chris O’Kane commented: “I am delighted that one of the most highly regarded underwriting teams in the U.S. is joining Aspen. This team complements our current underwriting skills in respect of U.S. reinsurance business and places Aspen closer to key U.S. cedants and brokers. Our expansion into the U.S. property reinsurance market is consistent with our strategy of pursuing growth by evaluating the best places to put our capital and people.”
Boornazian seemed equally pleased. “I am excited to be joining Aspen Re America. By being able to offer customers Aspen’s unencumbered balance sheet and strong underwriting record, Aspen Re America is in a strong position to pursue the opportunities the U.S. property reinsurance market offers,” he stated.