Aspen Names Vitale As Head of US Insurance
Bermuda-based Aspen Insurance Holdings Limited today [Mar. 7] announced the appointment of Mario P. Vitale [pictured] as president of its US insurance operations.
“This appointment strengthens Aspen’s leadership team in the US further as the company seeks to leverage the investment it has made in developing its US operations to build its franchise in the US Insurance market,” said an Aspen spokesman.
Mr. Vitale has 34 years of global experience in various industry leadership positions and joins from Zurich Financial Services where he was CEO, Global Corporate with responsibility for all Zurich’s corporate business globally and a member of the Zurich Group Management Board.
As president of Aspen US Insurance he will be a member of the Aspen Group Executive Committee and will report to John Cavoores, who was appointed Co-CEO of Aspen Insurance in October, 2010 and has executive oversight for Aspen’s US insurance operations. Mr Vitale’s appointment commences on March 21 and he will be based in New York.
In welcoming Mr. Vitale to Aspen, Mr. Cavoores said, “Mario is a seasoned industry veteran, whom I have known for a number of years. I have tremendous respect for the breadth and depth of his knowledge and understanding of the insurance industry.
“He has a very strong, demonstrable track record and proven leadership skills across a broad spectrum of our industry. His focus on underwriting excellence is unrelenting which he combines with a solutions based mindset for clients and brokers. This approach very much echoes our core beliefs and how we conduct our business at Aspen.”
Chris O’Kane, Chief Executive Office of Aspen, commented: “Building a strong US insurance franchise is a core component of our strategy. In the last 12 months we have put a number of important building blocks in place in the US with the acquisition of an admitted shell company, the appointment of a number of specialist underwriting teams and the development of a robust infrastructure with the addition of operational, actuarial, claims and legal expertise on the ground.
“While I am deeply conscious of the current challenging market environment,” he continued, “I believe that Mario and John will enable us to realise our aim of developing a meaningful franchise in the US.”
Prior to joining Zurich in 2006, Mr. Vitale served with the global broker, Willis Group Holdings, for six years and as CEO of Willis North America, for four years. Mr. Vitale was a member of Willis’ Group Executive Committee and Office of the Chairman, Willis Canada Board of Directors and Willis Reinsurance Board. Mr Vitale began his career at the Home Insurance Company.
Mr Vitale is a member of the Board of Trustees of St. John’s University College of Insurance in New York, the Board of Directors of AICPCU, the Board of the American Insurance Association, the Board of Boys Hope Girls Hope of New York and a former member of the Board of Directors of the Council of Insurance Agents & Brokers.
He is a graduate of St. John’s University College of Insurance, New York.
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Ireland, Singapore, the United States, the United Kingdom, Switzerland and Germany.
For the twelve months ended December 31, 2010, Aspen reported gross written premiums of $2,076.8 million, net income of $312.7 million and total assets of $8.8 billion. 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.
