Aspen’s Chief Risk Officer Cusack Steps Down
Bermuda based Aspen Insurance Holdings Limited has made some directorate and management changes.
Julian Cusack [pictured] is stepping down as Chief Risk Officer after over ten years with Aspen. This is effective immediately and he will also be stepping down from the Board at the Company’s Annual General Meeting on April 24, 2013.
Mr Cusack is a co-founder of Aspen and has held a number of positions within the Company, including as Chief Financial Officer, Chairman of Aspen Bermuda Limited and most recently as Chief Risk Officer.
Mr Cusack, who has been a Director since 2002, will remain with the Company with responsibility for strategic projects and as Chairman of ABL.
Stephen Postlewhite, currently Aspen’s Head of Risk, will be taking over from Mr Cusack as Chief Risk Officer. He has been with the Company since 2003 and was acting Chief Risk Officer from February to October 2012 while Mr Cusack assumed the role of acting Chief Financial Officer during Aspen’s search for a permanent CFO.
Chris O’Kane, Aspen’s Chief Executive Officer, said: “Julian has been an invaluable member of our Executive Management team for the past decade and no one has done more to ensure that our capital and risk management framework has remained robust and resilient, particularly during prolonged periods of economic and market uncertainty.
“He has made an enormous contribution to Aspen’s growth and development and we are delighted that he is staying with us and retaining responsibility for strategic projects and as Chairman of ABL.”
He continued: “We are very fortunate to have in Stephen Postlewhite someone with a wealth of experience who will be able to step into Julian’s role seamlessly, having undertaken the position on an acting basis for much of 2012. I look forward to working with Stephen again in this capacity.”
Aspen also announces that Gordon Ireland has been appointed as a non-executive director of the Company. Mr Ireland has been Chief Executive and a Director of L&F Indemnity Holding Company, the captive insurance company for PricewaterhouseCoopers, since July 2010. Prior to this, he spent his career with PwC and its predecessor firms.
Mr Ireland was a PwC Partner for 24 years and led the audits for a number of major quoted insurance companies and other financial services organizations. In addition to his client responsibilities, Mr Ireland has considerable technical leadership experience having chaired PwC’s global international insurance accounting group as well as management experience having been a member of PwC’s UK supervisory board.
In addition, Ian Cormack has decided to step down from the Board and as Chair of Aspen’s Audit Committee and as a member of the Company’s Risk and Compensation Committees with effect from the Annual General Meeting on April 24, 2013. He has been a non-executive director of the Company since 2003.
Glyn Jones, Chairman of Aspen, said: “I would like to thank Ian for his very significant contribution to the Company over the past ten years. His broad ranging international experience, financial knowledge and business acumen have greatly benefited the Company and on behalf of the Board, I wish him well for the future.”
He continued: “I am delighted that Gordon is joining the Aspen Board. His wealth of accounting experience and deep knowledge of the insurance and broader financial services sector will be a great asset to Aspen.”
Chris O’Kane, Chief Executive Officer of Aspen, added: “I would like to express my gratitude to Ian for bringing the wealth of experience he gained while working in complex global financial institutions to bear for the benefit of Aspen.
“In particular, he has helped me enormously in creating the right organizational design and managerial infrastructure which has underpinned Aspen’s development and growth into a successful global specialty insurer and reinsurer.”
He concluded: “I would also like to welcome Gordon to the Aspen Board and I look forward to working with him.”
It is not a good sign when someone steps down from a position like Mr. Cusack’s immediately.