Aspen Insurance Holdings Ltd. announced that Brian Boornazian has decided to retire as chairman of its reinsurance segment, Aspen Re, and as chief executive officer of Aspen Re, Americas, with effect from the end of April.
“I would like to thank Brian for his outstanding service to Aspen over the last 14 years,” said Chris O’Kane, group chief executive officer. “Under his leadership and with his sharp focus on execution, we have grown our reinsurance business significantly and enhanced our highly-respected position in our chosen markets.
O’Kane said Boornazian has made “a significant contribution” to the company’s executive management capabilities.
“We have an outstanding team at Aspen Re under the leadership of Thomas Lillelund and Emil Issavi and are well positioned to sustain the long-standing success of the business moving forward,” added O’Kane. Lillelund is Aspen Re’s CEO, while Issavi is Aspen Re’s president and chief underwriting officer.
Boornazian’s role as chairman of Aspen Re and CEO of Aspen Re, Americas, will not be replaced, the company noted.
In another recent management change, Aspen announced in January that David Cohen, president and chief underwriting officer of Aspen Insurance, will lead the day-to-day management of the Insurance business. At the same time, the company announced that Stephen Postlewhite, who had been CEO of Aspen Insurance since May 2016, was leaving the company.
Boornazian commented: “I am immensely proud of what we have achieved during my time at Aspen and to see our reinsurance segment develop into the outstanding business that it is today. I would like to thank my colleagues and friends within Aspen for their huge support over many years and to wish them much success in the future.”
Boornazian was appointed chairman of Aspen Re and CEO of Aspen Re, North America, in August 2012. He was subsequently appointed CEO of Aspen Re, Americas, in May 2017, in addition to his role as chairman. Prior to this, Boornazian had been the CEO of Aspen Re from January 2010 to August 2012 and president of Aspen Re from June 2008 until January 2010. Previously, he had been head of Reinsurance from May 2006 until June 2008. Boornazian joined Aspen in January 2004.
Before joining Aspen, Boornazian was at XL Re America, where he acted in several capacities including senior vice president, chief property officer responsible for property facultative and treaty, as well as marine, and the chief marketing officer. He began his career in 1982 at Gen Re and also held senior positions at NAC Re, Cologne Re of America and Guy Carpenter.
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