Aspen Insurance Holdings Makes Director and Management Changes

February 8, 2013

Bermuda-based Aspen Insurance Holdings Limited has announced a number of directorate and management changes.

“Julian Cusack has decided that after over ten years with Aspen, it is the right time for him to step down as Chief Risk Officer,” said the announcement. “This is effective immediately and he will also be stepping down from the Board at the Company’s Annual General Meeting on April 24, 2013.”

The bulletin noted that Cusack “is a co-founder of Aspen and has held a number of positions within the Company, including as Chief Financial Officer, Chairman of Aspen Bermuda Limited (ABL) and most recently as Chief Risk Officer.” He has been a Director since 2002 and “will remain with the Company with responsibility for strategic projects and as Chairman of ABL.”

Stephen Postlewhite, currently Aspen’s Head of Risk, will succeed Cusack as Chief Risk Officer. He has been with Aspen since 2003 and was acting Chief Risk Officer from February to October 2012, during which time Cusack “assumed the role of acting Chief Financial Officer during Aspen’s search for a permanent CFO.”

CEO Chris O’Kane said Cusack “has been an invaluable member of our Executive Management team for the past decade and no one has done more to ensure that our capital and risk management framework has remained robust and resilient, particularly during prolonged periods of economic and market uncertainty. He has made an enormous contribution to Aspen’s growth and development and we are delighted that he is staying with us and retaining responsibility for strategic projects and as Chairman of ABL.”

O’Kane also noted Postlewhite’s “wealth of experience,” indicating that he “will be able to step into Julian’s role seamlessly, having undertaken the position on an acting basis for much of 2012. I look forward to working with Stephen again in this capacity.”

Aspen also announced that Gordon Ireland has been appointed as a non-executive director of the Company. He has been the CEO and a Director of L&F Indemnity Holding Company, the captive insurance company for PricewaterhouseCoopers (PwC), since July 2010. Prior to this, he spent his career with PwC and its predecessor firms.”

Aspen also said “Ian Cormack has decided to step down from the Board and as Chair of Aspen’s Audit Committee and as a member of the Company’s Risk and Compensation Committees with effect from the Annual General Meeting on April 24, 2013.” He has been a non-executive director of the Company since 2003.

Aspen’s Chairman Glyn Jones thanked Cormack “for his very significant contribution to the Company over the past ten years. His broad ranging international experience, financial knowledge and business acumen have greatly benefited the Company and on behalf of the Board, I wish him well for the future.”

Source: Aspen Insurance Holdings Limited

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