Bermuda-based Aspen Insurance Holdings Limited announced yesterday that Julian Cusack has been promoted to the post of chief operating officer at the company.
The firm said that Mr. Cusack in his new post will continue as Aspen Insurance Limited (Aspen Bermuda) chairman and chief executive officer.
A promotion for Mr. Cusack and an expanded role for Aspen Chief Financial Officer Richard Houghton follow the decision by Aspen President and COO Stuart Sinclair to resign on April 17 "in order to pursue other business and personal opportunities," the firm said.
Mr. Cusack's new role, the company said, will include responsibility for Aspen's actuarial, risk management, compliance and legal departments.
The new COO has been Aspen Bermuda chairman since 2006 and CEO since June 2002. The firm said Mr. Cusack will continue to chair Aspen's Reserving Committee and maintain responsibility for certain special projects.
The company said that Mr. Houghton's additional responsibilities will include operational oversight of Aspen's human resources, information technology and insurance/reinsurance claims departments.
Both Mr. Cusack and Mr. Houghton will continue to report to Chris O'Kane, Aspen Insurance Holdings CEO.
Mr. O'Kane said Mr. Cusack "has been an instrumental figure in Aspen's development since the company's inception and we are delighted to be able to further access his business acumen. I am also pleased to expand Richard Houghton's role to take on additional operational responsibilities–all in disciplines where he has significant prior experience."
He said the departing Mr. Sinclair was an effective agent of change at the company and "put in place the necessary infrastructure to support our expansion in Europe and reorganization in the United States with great success, and I wish him all the very best in his future endeavors."
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Ireland, the United States, the United Kingdom and Switzerland.
As of Dec. 31, 2007, Aspen reported gross written premiums of $1.8 billion, net income of $489 million and total assets of $7.2 billion.
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