Aspen Expands Into U.S., Buys Dakota Specialty

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NU Online News Service, Sept. 9, 3:30 p.m.EDT?Aspen Insurance Holdings Ltd., a Bermuda-domiciledreinsurance and specialty insurance, provider, said it haspurchased Dakota Specialty Insurance Company for an expansion intothe U.S. excess and surplus lines business.

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Terms for the acquisition of the North Dakota-licensed firm,which is based in Stamford, Conn., were not disclosed. Dakota'sparent firm, Insurance Corporation of New York is part of theBermuda domiciled Trenwick Group, which is now in provisionalliquidation.

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Aspen said Dakota will be renamed Aspen Specialty InsuranceCompany and be based in Boston where it will write a focused bookof property and casualty surplus lines business, predominantlythrough the U.S. wholesale surplus lines broker network.

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Aspen Specialty will be headed by Peter Coghlan, president andchief executive officer, and Chris Maciejewski, chief casualtyunderwriting officer.

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Aspen said Mr. Coghlan is leaving First State Management, partof the Hartford Group, where Mr. Maciejewski also worked.

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Chris O'Kane, CEO of Aspen, said, "Aspen Specialty establishesthe third leg of the Aspen franchise alongside Aspen Insurance UKLimited, where we trade in the London market as Aspen Re and AspenInsurance, and Aspen Insurance Limited in Bermuda.

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"Our business model is to establish a presence in those marketswhere we can take advantage of excellent distribution andattractive underwriting conditions."

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