Aspen CEO Dumped Over Phony Background

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 and chief executive of Aspen Specialty Insurance Company after it was discovered that he made phony filings about his educational background, the company said.[@@]

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

Aspen said Chris Maciejewski was named president of Aspen Specialty and assumed Mr. Coghlan's responsibilities "effective immediately." Mr. Maciejewski has served as executive vice president and chief casualty underwriter of Aspen Specialty since 2003.

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

Aspen Specialty was founded in September 2003 as the third operating subsidiary of Aspen Insurance Holdings Ltd. Based in Boston, Aspen Specialty writes a focused book of property-casualty surplus lines business through the U.S. wholesale surplus lines broker network.

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

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

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

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