Aspen US Names Toppi To Head Surety Unit
Aspen US Insurance — a subsidiary of Bermuda-based re/insurer Aspen Insurance Holdings Limited — today [Mar.9] announced the establishment of its new Surety insurance unit to be led by its industry veteran Michael Toppi.
Joining Mr. Toppi will be Mathew Raino, vice president, Commercial Surety, and Ryan Field, assistant vice president, Commercial Surety.
The Surety team will based in Rocky Hill, Connecticut, and will adopt a niche approach to the market, with a focus on public and private commercial and non construction surety.
John Cavoores, Co-CEO of Aspen Insurance, said, “I am delighted that Mike has joined Aspen. He is a recognised industry leader with 23 years of experience.
“He has great broker and client relationships and all the necessary technical skills to continue his profitable track-record. The formation of this business is another step in the development of Aspen’s US specialty insurance operations.”
Mr. Toppi commented, “I am very pleased to be joining the Aspen team and look forward to working with underwriting professionals that share a common view of the business. I welcome the opportunity to build a first class surety franchise with Aspen’s support.”
John Cavoores added, “Entering this particular market segment is consistent with Aspen’s strategy of selective diversification in businesses that have historically produced great results. I look forward to working with Mike and his team.”
Mr. Toppi joins Aspen from Travelers Bond & Financial Products. His career in the surety business spans over 23 years with both Travelers where he began in 1987, and The Hartford Insurance Group. Previously, Mr. Toppi worked as a Police Officer in the City of Hartford and served in the United States Air Force. He is a graduate of the University of Connecticut with a degree in Political Science.
Aspen US 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. In the last 18 months a number of teams have been hired with a specialised focus on underwriting opportunities in Inland Marine and Ocean Risks, Professional Liability, Management Liability and Director’s and Officers Insurance which are underwritten in addition to established lines of Property, General Casualty and Environmental Liability.
Headquartered in the Maxwell Roberts Building on Church Street, Aspen Insurance Holdings Limited 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.
