Brit Ltd. announced that Mark Cloutier will step down from his role as executive chairman of Brit in December 2018. Following his departure, Cloutier will take up a role with an affiliate of Apollo Global Management, LLC, working as a consultant with an immediate focus on the previously announced proposed acquisition of Aspen Insurance Holdings Ltd. by investment funds managed by affiliates of Apollo Global Management, with a view to assuming the role of chairman and CEO of Aspen following completion of the transaction.
The investment firm Apollo Global Management announced plans to acquire Aspen for $2.6 billion on Aug. 28. Chris O’Kane, group chief executive officer of Aspen Insurance Holdings Ltd., announced on Oct. 1 he would be leaving the company. See related article that quotes O’Kane’s letter to employees.
Cloutier was appointed CEO of Brit in 2011, subsequently becoming executive chairman in January 2017. As CEO, Cloutier was instrumental in the transformation of Brit into a leading Lloyd’s insurer, Brit said in a statement.
Over the course of more than 40 years in the industry, Cloutier has held a number of CEO and senior executive positions, including CEO of the Alea Group, CEO of Overseas Partner Re and president of E.W. Blanch Insurance Services Inc.
“Mark has played a pivotal role in Brit’s recent history, driving the establishment of Brit as a top-quartile Lloyd’s insurer and leading the business through its return to the public markets and subsequent acquisition by Fairfax,” said Matthew Wilson, CEO of London-based Brit.
“The high esteem with which Mark is held across the business is testament to what he has achieved at the highest levels in our industry. Both on behalf of the board and personally, I would like to thank Mark for his leadership, wise counsel and most importantly, friendship and wish him the very best in the next stage of his career,” Wilson added.
“Being part of the Brit story has been an exciting and rewarding experience, I am proud of what we achieved and can leave knowing I leave an outstanding team and market leading business under Matthew’s very capable leadership,” commented Cloutier.
Prem Watsa, chairman and CEO, Fairfax, said: “Mark has been a friend to Fairfax for many years and, since the acquisition of Brit in 2015, has made an invaluable contribution across the Group. We wish him well and look forward to a continuing long friendship.”
Source: Brit Ltd.
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