Bermuda-based Aspen Insurance Holdings Limited announced that it is entering the Global Excess Casualty insurance market with the establishment of a dedicated underwriting unit based in Dublin.
“The unit will focus on construction and global risk managed programs,” said the bulletin. “A notification has been made to the UK Financial Services Authority under a European passport, to establish a branch in Dublin. Aspen anticipates commencing underwriting by late November, subject to meeting the necessary regulatory requirements.”
Bob Patten, who has more than 15 years of experience underwriting Excess Casualty, will lead the new facility. He joins Aspen on November 15, 2007. Aspen said that it anticipates the Excess Casualty unit will “generate gross written premiums of around $70 million and employ up to 10 staff” within three years.
Aspen CEO Chris O’Kane described the expansion as reflecting “Aspen’s strategy of continuing to selectively diversify our business portfolio and complements our existing operations in specialty casualty insurance within our Specialty Lines segment.”
Source: Aspen – www.aspen.bm
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