Aspen Re Announces Formation Of New Division
Aspen Reinsurance, the reinsurance segment of Bermuda’s Aspen Insurance Holdings Limited, today [Apr. 16] announced the formation of a new division, Aspen Capital Markets, with Brian Tobben appointed managing director of the newly created unit.
Aspen Capital Markets is intended to expand Aspen Re’s participation in the alternative reinsurance market. The new venture will be led by Brian Tobben who was previously with PartnerRe. He will be based in New York and report to James Few, Chief Executive Officer of Aspen Re.
James Few said: “Our decision to establish a capital markets division recognizes developments in the reinsurance market over recent years as the influence of the capital markets on the catastrophe segment has steadily increased.
“The focus of the new unit will be to develop alternative reinsurance structures to leverage our existing underwriting franchise, increase our operational flexibility in the capital markets and provide investors direct access to our underwriting expertise. This initiative builds on our successful partnership with Cartesian Capital Group at Iris Re, an investment manager focused on investments in natural catastrophe risk.
“I am delighted that Brian has joined us to lead this new venture. He has a wealth of experience and I look forward to working with him as we develop our proposition in the evolving convergence market.”
Brian Tobben added: “Aspen Re is a highly respected reinsurer with a clear vision to diversify further into the capital markets. I am excited to be joining Aspen Re as it looks to build its capabilities in this area.”
Before joining Aspen Re, Brian Tobben was at PartnerRe for almost 10 years, most recently as Head of Insurance Linked Securities where he managed a portfolio of catastrophe ILS, life ILS, weather and commodity investments and before that, as Vice President, Weather. Prior to this, he was at Aquila where he held a number of roles including Vice President, Business Development, Weather.
Aspen Re is a business segment of Aspen Insurance Holdings Limited with gross written premiums of US$1.2 billion in 2012. Aspen Re offers a broad range of specialty reinsurance products and has a global footprint with offices in the US, Bermuda, the UK, Switzerland, France, Germany and Singapore.
Aspen Insurance Holdings Limited — a Bermuda holding company –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.
