Bermuda-based Aspen Insurance Holdings announced the addition of five property reinsurance specialists to Aspen Re America, its recently formed property reinsurance team located in Rocky Hill, Conn.
Brian Boornazian, who is heading up Aspen Re America’s property reinsurance unit as President and Chief Underwriting Officer, will direct this team of longtime insurance industry veterans to underwrite domestic proportional and risk excess treaty reinsurance. Boornazian came to Aspen from XL Reinsurance America Inc., where he most recently served as Chief Property Officer, responsible for all property lines of business as well as ocean marine and multi-line business.
CEO Chris O’Kane stated: “The establishment of a property reinsurance business in the U.S. further balances our entire property line and allows us to take advantage of current attractive property reinsurance rates in the U.S. for complex risks. This talented team will help achieve our goal to significantly expand Aspen Re’s property reinsurance presence in the U.S. this year.”
Boornazian commented: “I am delighted to announce the formation of such a strong and experienced team. I have worked with these individuals many years and together, we look forward to profitably growing Aspen’s property reinsurance business in the U.S. I am confident that with Aspen’s track record we can capitalize on the market opportunity we see before us while achieving Aspen’s overall strategic goals.”
In addition to Boornazian the U.S. property reinsurance team includes:” Michael Sowa, Nancy Pelgrift, Russell Wagner, Daniel Yerxa and Brad Lord,” said the announcment. “Michael Sowa brings strong management and diverse underwriting skills to his role as Senior Vice President and Property Reinsurance Treaty Manager, joining Aspen Re America from XL Re where he served as Vice President and Manager of property treaty.
“As Senior Vice President and Chief Operating Officer of Aspen Re America’s property reinsurance unit, Nancy Pelgrift will manage the unit’s operational activities, in addition to her underwriting responsibilities. She previously served as Vice President and Property Treaty Underwriter at XL Re.
“Russell Wagner joins as Vice President and Property Underwriter, having most recently served as Home Office Property Manager, responsible for facultative referrals, as well as handling a book of automatics and treaty business at XL Re.
“Daniel Yerxa joins as Vice President and Property Underwriter. He previously served as Vice President and Underwriter in the Property Treaty unit of XL Re.
Brad Lord joins Aspen Re America as Vice President and Property Underwriter. Prior to Aspen, he was Assistant Vice President and Underwriter in the Property Treaty unit at XL Re.”
Aspen Re America handles the insurer’s U.S. property reinsurance activities conducted on behalf of Aspen Insurance UK Limited. The bulletin noted that “Aspen’s U.S.-based property reinsurance team complements the business written by Aspen Re’s London underwriters since it enables Aspen to enter a niche market and attract new clients who do not normally access the London market, thereby diversifying Aspen’s portfolio of risk.”