Stephen Postlewhite Named Aspen Re CEO
Bermuda-based Aspen Insurance Holdings Limited announced that Stephen Postlewhite, previously Aspen’s Chief Risk Officer, has been appointed to the position of Chief Executive Officer of Aspen Re, the Company’s reinsurance business, with immediate effect. He succeeds James Few who is leaving Aspen to pursue other opportunities.
Emil Issavi has been appointed President of Aspen Re in addition to his existing role as Chief Underwriting Officer for Aspen’s reinsurance business. Brian Boornazian will remain as Chairman of Aspen Re and Chief Executive Officer of Aspen Re, North America.
Aspen’s Chief Executive Officer, Chris O’Kane, said, “We are delighted to have Steve Postlewhite – one of our brightest and most able leaders – at the helm of Aspen Re, particularly at a time of continuing change in the reinsurance market. Steve is the architect of Aspen’s capital modelling capability and played an integral role in building the strong risk management framework which underpins our business today.
“By leveraging our strong local capabilities around the world as well as deep, long-term client relationships and a highly successful alternative reinsurance business, Aspen Re has delivered excellent performance despite market headwinds.
“The business delivered an underwriting profit of over $250 million and a combined ratio of 76.4% in 2013 and an average combined ratio of 89.2% over the past five years. We have a very strong senior management team within Aspen Re and Steve Postlewhite is the right leader to continue to drive our reinsurance strategy forward, to adapt to fast changing market conditions and to take Aspen Re to the next level.”
Chris O’Kane added, “I would like to thank James for the significant contribution he has made to Aspen over the last 12 years, most recently in terms of growing Aspen Re and in developing our Bermuda platform. We wish him every success in his future endeavors.”
Commenting further, Chris O’Kane said, “Emil Issavi is an extremely talented underwriter with outstanding technical expertise and he has played a critical role in the success of Aspen Re. I am pleased to announce his promotion to President of Aspen Re.
“We are also very fortunate to have someone of the caliber of Brian Boornazian, whose exceptional market knowledge, experience and connections, particularly in the United States, allows clients and brokers to benefit fully from our superior underwriting abilities.”
Brian Boornazian, Chairman of Aspen Re, added, “I am delighted to welcome Steve as CEO of Aspen Re. We have an outstanding business and I look forward to working closely with Steve, Emil and the rest of the leadership team as we deliver the next phase of our strategy.”
Following Stephen Postlewhite’s appointment, Richard Thornton, Aspen’s Head of Strategy, will assume the position of Group Chief Risk Officer, in addition to his current role.
Mike Cain, Aspen’s Group General Counsel, has been appointed, subject to Aspen Bermuda Limited Board and regulatory approval, Chief Executive Officer of Aspen Bermuda Limited, Aspen’s Bermuda operating company, in addition to his current role.
