Aspen US Insurance Announces the Formation of a Marine, Energy & Construction Unit; Appoints Anthony
Aspen US Insurance Announces the Formation of a Marine, Energy & Construction Unit; Appoints Anthony S. Carroll as Executive Vice President
NEW YORK--(BUSINESS WIRE)-- Aspen Insurance, the insurance segment of Aspen Insurance Holdings Limited ("Aspen")
The US-based marine, energy and construction unit will underwrite a variety of onshore energy and construction sector classes of business with a focus on property covers and will distribute its products in the US primarily through a limited number of retail and wholesale brokers. This unit will have an integrated team of underwriters, engineers, and claims professionals focused on providing creative risk management based solutions for the marine, energy and construction industries. Aspen US Insurance's existing marine business will be incorporated into this unit.
Anthony S. Carroll, who will report to Mario P. Vitale, CEO, Aspen Insurance, joins Aspen with 28 years of insurance experience. Most recently, he was with Liberty International Underwriters where he spent 11 years in leadership positions in their global marine, energy, fire and construction business. Prior to Liberty, Carroll worked at Starr Technical Risks Agency and Cigna in a variety of management positions.
Commenting on the unit, Vitale said, "The formation of a dedicated marine, energy and construction unit in the US, focused on property and onshore energy, fits perfectly with our strategy of providing specialty solutions anchored by an industry focus. The global energy landscape is growing and evolving, and we are pleased to be in a position to help energy clients and brokers meet the demands of their business including their construction protection needs."
"Tony brings a wealth of experience to Aspen Insurance and he will be instrumental in helping us to expand our presence in the US and build on the success we have had to date," he added.
Carroll commented: "This team will be highly specialized and dedicated to the marine, energy and construction industry, in line within Aspen Insurance's approach to all specialist lines of business. I am excited to work within the framework of Aspen Insurance's integrated business model built on professional underwriting, a strong risk management and engineering culture, and claims integration."
About Aspen US Insurance
Aspen US Insurance, which is part of Aspen Insurance Holdings Limited ("Aspen"), writes property, casualty and specialty insurance in the US on both a surplus lines and admitted basis through Aspen Specialty Insurance Company and Aspen American Insurance Company. Our underwriting teams have a specialized focus on opportunities in Inland Marine and Ocean Risks, Professional Liability, Management Liability and Directors and Officers Insurance which are underwritten in addition to established lines of Property, General Casualty and Environmental Liability. Further information about Aspen can be found at www.aspen.co
About Aspen Insurance Holdings Limited ("Aspen")
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2012, Aspen reported $10.3 billion in total assets, $4.8 billion in gross reserves, $3.5 billion in shareholders' equity, and $2.6 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of "A" ("Strong") by Standard & Poor's, an "A" ("Excellent") by A.M. Best and an "A2" ("Good") by Moody's Investors Service.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995
This press release contains "forward-looking" statements regarding future results and events, including, without limitation, statements regarding the Company's appointment of key personnel and achievement of its business plans. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," "estimate," "may," "continue," and similar expressions of a future or forward-looking nature.
All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen's control that could cause actual results to differ materially from such statements, including our ability to consummate the transactions contemplated by the terms of the accelerated share repurchase agreement, the share price and share volumes which may impact timing of repurchases, changes in market conditions and the impact on our business of such factors. For a detailed description of uncertainties and other factors that could impact the forward-looking statements in this press release, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2012, filed with the U.S. Securities and Exchange Commission on February 26, 2013. Aspen undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information
Please visitwww.aspen.coor contact:
Kerry Calaiaro, 646-502-1076
Senior Vice President, Investor Relations
Stefanie Frelick, 646-502-1042
Senior Vice President, Marketing
Allyson Vento, 212-371-5999
Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman, +44 20 7638 9571
KEYWORDS: United States North America New York
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