Bermuda-based Aspen Insurance, the insurance segment of Aspen Insurance Holdings, announced it has acquired Blue Waters Insurers Corp.
Blue Waters, which is headquartered in San Juan, Puerto Rico, is a specialist marine managing general agency. The company was founded in 2007 and is “respected for its product and policy design and development services, which it provides across Puerto Rico and the Caribbean,” said Aspen in a statement.
Blue Waters will form part of Aspen Insurance’s global marine operation and will support the continued expansion of Aspen’s marine business by opening access to the Puerto Rican and Caribbean markets.
Blue Waters President Eugenio M. Rosas will continue in his role, reporting to Patrick Hickey, executive vice president and head of U.S. Marine, Aspen Insurance.
“Blue Waters has an excellent reputation and is a recognized industry leader in the Puerto Rico Marine market, reflecting the intellectual capital, technical and deep marine risk engineering expertise within the company,” said David Cohen, president and chief underwriting officer, Aspen Insurance.
“It is a successful business with strong prospects and is an excellent fit with our marine business in the U.S. as it adds local, technical expertise to support Aspen Insurance’s expansion by delivering localized service to a new geography,” Cohen continued.
“Blue Waters is committed to building long-term relationships with our marine customers and insurance agents in Puerto Rico and the Caribbean,” commented Rosas: “That commitment will continue as part of Aspen Insurance and we look forward to developing the business further and leveraging the expertise and experience of Aspen Insurance. This is the start of an exciting future for Blue Waters as part of a global company.”
Source: Aspen Insurance
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