Aspen CEO Dumped Over Phony Background

NU Online News Service, Dec. 14, 12:38 p.m.EST?Peter Coghlan, has resigned his post as president andchief executive of Aspen Specialty Insurance Company after it wasdiscovered that he made phony filings about his educationalbackground, the company said.[@@]

Aspen Insurance Holdings Ltd. announced that Mr. Coghlan'sresignation from the Bermuda-based subsidiary came "following hisadmission that he misstated his educational credentials in U.S.insurance regulatory submissions."

Aspen said Chris Maciejewski was named president of AspenSpecialty and assumed Mr. Coghlan's responsibilities "effectiveimmediately." Mr. Maciejewski has served as executive vicepresident and chief casualty underwriter of Aspen Specialty since2003.

"Peter [Coghlan] made substantial contributions to Aspen," saidAspen Insurance Holdings Chief Executive Chris O' Kane. "Thecircumstances surrounding his resignation are disappointing, but Iam very pleased that Chris [Maciejewski] has accepted the role ofpresident of Aspen Specialty, and I am confident that he will leadthis operation to a successful future."

Aspen Specialty was founded in September 2003 as the thirdoperating subsidiary of Aspen Insurance Holdings Ltd. Based inBoston, Aspen Specialty writes a focused book of property-casualtysurplus lines business through the U.S. wholesale surplus linesbroker network.

For this year, the company anticipates that Aspen Specialty willrepresent approximately 4 percent of gross written premium for theAspen Group.

Aspen Insurance Holdings Ltd. was established in June 2002.Aspen is a Bermuda holding company that provides p-c reinsurance inthe global market, property and liability insurance principally inthe United Kingdom, and surplus lines insurance in the UnitedStates.

Aspen's operations are conducted through its wholly-ownedsubsidiaries located in London, Bermuda and the United States.

Aspen's insurance segment consists of commercial property,commercial liability, marine and aviation, and U.S. surplusinsurance lines. Aspen's principal existing shareholders includeThe Blackstone Group, Candover Partners Ltd., WellingtonUnderwriting plc and Credit Suisse First Boston Private Equity.