Bermuda-based Aspen Insurance Holdings Ltd. is naming new leaders for its insurance and reinsurance segments after one executive retired and the other got a promotion.
The executive changes come as Aspen continues to seek out new markets and diversify risk in the wake of a 2014 hostile takeover bid from Endurance Specialty Holdings Ltd.
First, the retirement: Mario Vitale plans to step down from his role as CEO of Aspen Insurance on June 30, after serving in the role since 2012. He’ll be replaced by Stephen Postlewhite, who became CEO of Aspen Re in September 2014 after serving as Aspen’s chief risk officer. He’s been a part of the company since 2003.
In turn, Thomas Lillelund will become the new CEO of Aspen Reinsurance after serving as managing director, Asia Pacific, for the division.
Aspen Insurance Holdings CEO Chris O’Kane credited Postlewhite with guiding the reinsurance arm through a tough market, all the while proceeding with Aspen’s strategy and boosting profitability.
“We look forward to benefiting from his strategic and operational skills as we continue to align our insurance business globally and leverage our increased scale to generate growth and profitability, O’Kane said in prepared remarks.
As far as Lillelund, O’Kane credited him with establishing Aspen’s Singapore office in 2008 and helping to grow the business throughout the Asia-Pacific region. O’Kane added that he sees Lillelund as being “the right person” to build on Postlewhite’s accomplishments in the reinsurance CEO role.
Meanwhile, O’Kane credited Vitale with helping to build Aspen Insurance “into a leading specialty insurer with close to $2 billion in annual premiums.”
There’s one more executive change contained in the same announcement: Robert Rheel, the president of Aspen U.S. Insurance, will be retiring at the end of June after 35 years in the insurance industry. He’ll stay on to help with the transition. O’Kane said he was “pivotal” in helping to grow Aspen’s U.S. insurance business over the last five years.
Aspen has been pursuing new growth in the Middle East and Africa, among other places, and recently hired former Swiss Re, Generali and Gulf Re executives to lead its Dubai reinsurance expansion.
Source: Aspen Insurance Holdings Ltd.