Aspen Expands Into U.S., Buys Dakota Specialty

Aspen Expands Into U.S., Buys Dakota Specialty

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

Terms for the acquisition of the North Dakota-licensed firm, which is based in Stamford, Conn., were not disclosed. Dakota's parent firm, Insurance Corporation of New York is part of the Bermuda domiciled Trenwick Group, which is now in provisional liquidation.

Aspen said Dakota will be renamed Aspen Specialty Insurance Company and be based in Boston where it will write a focused book of property and casualty surplus lines business, predominantly through the U.S. wholesale surplus lines broker network.

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

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

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

"Our business model is to establish a presence in those markets where we can take advantage of excellent distribution and attractive underwriting conditions."