Aspen Appoints Adrian Ballardie Chief Risk Officer

March 16, 2004

Bermuda-based Aspen Insurance Holdings announced that it has appointed Adrian Ballardie to the position of Chief Risk Officer. He will be based in London and will report to CEO Chris O’Kane.

Ballardie, who brings close to 30 years of experience in underwriting and managing insurance and re-insurance lines of business in the London market, will be responsible for managing underwriting risk at both the strategic and operational level.

He most recently served as joint CEO of Axa Re UK’s Corporate Solutions Services, where he was responsible for redefining and redirecting the underwriting philosophy and strategy.

“We are delighted to add such a talented and well respected industry executive to our team,” O’Kane commented. “Adrian’s proven underwriting track record and extensive industry experience make him exceptionally suited for this position. We look forward to benefiting from his risk management expertise.”

Ballardie seemed equally pleased. “I am proud and excited to be joining Aspen during this important stage of growth for the company. In a short time period, Aspen has already established itself as a leader in key insurance and reinsurance lines and I look forward to working with the management team to build and strengthen its industry position,” he said in a written statement

He joined Axa Reinsurance UK Plc. in November 1991 as Director, Facultative Property Manager. He was promoted to General Manager in January 1997 and to Chief Executive Officer and Managing Director in July 1998. Prior to his career at Axa, he spent over 15 years in several senior underwriting positions in the UK insurance market, including St. Paul Fire and Marine Insurance, London Guarantee and Reinsurance Company Ltd. and Prudential Assurance Company Ltd.

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