Aspen Reinsurance, the reinsurance segment of Aspen Insurance Holdings Limited announced the formation of a new division, Aspen Capital Markets, along with the appointment of Brian Tobben as managing director of the unit.

Tobben, who joined Aspen on April 8, 2013, was previously with PartnerRe. He will be based in New York, reporting to James Few, Aspen Re’s Chief Executive Officer.

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,” he said.

Few added that the initiative builds on a successful partnership with Cartesian Capital Group at Iris Re, an investment manager focused on investments in natural catastrophe risk.

Before joining Aspen Re, 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.

Tobben also worked previously at Aquila where he held a number of roles including Vice President, Business Development, Weather.

Source: Aspen Re