Bermuda-based Aspen Insurance Holdings Limited has appointed Julian Cusack, currently its CFO, to the expanded role of Chairman and CEO of Aspen Insurance Limited (AIL), Bermuda. He will step down as CFO once a successor is appointed.
Aspen also named three new directors to its Board: Stuart Sinclair, President and COO of Aspen, John Cavoores, the former President and CEO of OneBeacon Insurance Company, and Glyn Jones, the former CEO of Thames River Capital and Gartmore Investment Management.
Commenting on the director appointments, Paul Myners, Aspen’s Chairman, stated, “I am delighted to announce the appointment of three new directors, which will strengthen further the Aspen Board. Stuart, John, and Glyn bring a wealth of knowledge and experience to the Board as we continue to pursue our strategy of diversification and profitable growth.
“As an Executive Director, Stuart will be able to leverage his significant industry experience and daily role as Aspen’s President and Chief Operating Officer to make a significant contribution to the management team and serve as a valuable member of the Board.
“John is a seasoned insurance executive with more than twenty five years working in an underwriting or senior management capacity, and Glyn’s experience as a former Chief Executive Officer within a number of major financial institutions will provide the Board with additional perspective and expertise in financial institutions and investment markets as Aspen continues to mature. I look forward to working closely with them.”
Aspen said Cusack’s appointment reflects “the continuing growth of Aspen’s underwriting activities in Bermuda.” He will assume this new responsibility as Chairman and CEO of AIL once his successor as Chief Financial Officer is appointed and after a suitable hand-over period. He will also continue to chair the Company’s Reserving Committee in his new position.
Aspen CEO Chris O’Kane commented: “Aspen’s underwriting business in Bermuda has grown rapidly over recent years. Together with Julian, we have recognized the need to create a new, dedicated executive role that is focused on continuing to grow our business in Bermuda and I am delighted that he is to take up the expanded role as Chairman and CEO of AIL once his successor as Group CFO is appointed. As CFO since Aspen’s formation in 2002, Julian has made many valuable contributions to the company, not least of which was his critical role in building our Bermuda operating company to the point where it is the largest company, in terms of balance sheet size, in the Aspen Group. I am pleased that we will continue to benefit from his considerable insight and expertise, in particular through his continuing to Chair the Company’s Reserving Committee.”
The bulletin noted that “including these appointments, Aspen now has 13 Directors on its Board. Mr. Cavoores will be a member of the Board’s Investment Committee and Risk Committee. Mr. Jones will be a member of the Board’s Compensation and Investment Committees. It also gave the following background information on the new appointees, which is summarized as follows:
Cusack, 55, has been Aspen’s CFO and a director since the formation of the company in June 2002. He has been the CEO of Aspen Insurance Bermuda, Limited since 2002. From 2002 until March 31, 2004, he was also Finance Director of Aspen Re. He previously worked at Wellington where he was Managing Director of Wellington Underwriting Agencies Ltd. from 1992 to 1996, and in 1994 joined the board of directors of Wellington Underwriting Holdings Limited. He was Group Finance Director of Wellington Underwriting plc from 1996 to 2002.
Cavoores, 49, is currently an advisor to Blackstone, one of Aspen’s shareholders, advising on current portfolio investments (including Aspen) and new opportunities. He has 27 years of experience in the insurance industry and recently served as President and CEO of OneBeacon Insurance Company, a subsidiary of White Mountains Insurance Group. Among his other positions, Cavoores was President of National Union Insurance Company, a subsidiary of American International Group (AIG). He spent 19 years at Chubb Insurance Group, where he served as Chief Underwriting Officer, and Executive VP and Managing Director of overseas operations, based in London. He holds a BA degree in economics from Holy Cross.
Jones, 54, was most recently the CEO of Thames River Capital. From 2000 to 2004 he served as CEO of Gartmore Investment Management in the UK where he developed a successful strategy and improved operating efficiencies. Prior to Gartmore, Jones was Chief Executive of Coutts NatWest Group and Coutts Group, which he joined in 1997 and was accountable for strategic leadership, business performance and risk management. He was a consulting partner with Coopers & Lybrand/Deloitte Haskins & Sells Management Consultants from 1981 to 1990. In 1991 he joined Standard Chartered, later becoming the General Manager of Global Private Banking. Jones holds an MA in Economics and Social Sciences from Cambridge and is a Fellow of the Institute of Chartered Accountants in England and Wales.
Prior to his August 7, 2006 appointment as President and CEO of Aspen, Stuart Sinclair, 53, was most recently President and CEO, Greater China, GE Financial Services, which is part of GE Capital. Previously, he served as President and UK Chief Executive of GE Consumer Finance. Before joining GE Capital, Mr. Sinclair held several positions at Royal Bank of Scotland, including CEO of Tesco Personal Finance. In addition to his recent work experience, Sinclair has held a number of management consultancy roles at firms based in the United States, including Mercer Management Consulting. He was also an International Economist, lecturing at the University of Reading and advising the Saudi Arabian Foreign Ministry. He holds an MBA from UCLA, an MA in Economic Development from Rutgers University and an MA in Economics from the University of Aberdeen.
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