Aspen Announces Appointment of President of US Insurance
March 07 2011 - 7:27AM
Business Wire
Aspen Insurance Holdings Limited (NYSE: AHL) (“Aspen” or “the
Company”) today announced the appointment of Mario P. Vitale as
President, US Insurance. This appointment strengthens Aspen’s
leadership team in the US further as the Company seeks to leverage
the investment it has made in developing its US operations to build
its franchise in the US Insurance market.
Mario P. Vitale has 34 years of global experience in various
industry leadership positions and joins from Zurich Financial
Services (“Zurich”) where he was CEO, Global Corporate with
responsibility for all Zurich’s Corporate business globally and a
member of the Zurich Group Management Board. As President of Aspen
US Insurance he will be a member of the Aspen Group Executive
Committee and will report to John Cavoores, who was appointed
Co-CEO of Aspen Insurance in October 2010 and has executive
oversight for Aspen’s US insurance operations. Mr Vitale’s
appointment commences on March 21 and he will be based in New
York.
In welcoming Mario to Aspen, John Cavoores said, “Mario is a
seasoned industry veteran, whom I have known for a number of years.
I have tremendous respect for the breadth and depth of his
knowledge and understanding of the insurance industry. He has a
very strong, demonstrable track record and proven leadership skills
across a broad spectrum of our industry. His focus on underwriting
excellence is unrelenting which he combines with a solutions based
mindset for clients and brokers. This approach very much echoes our
core beliefs and how we conduct our business at Aspen.”
Chris O’Kane, Chief Executive Office of Aspen, commented,
“Building a strong US insurance franchise is a core component of
our strategy. In the last 12 months we have put a number of
important building blocks in place in the US with the acquisition
of an admitted shell company, the appointment of a number of
specialist underwriting teams and the development of a robust
infrastructure with the addition of operational, actuarial, claims
and legal expertise on the ground.
“While I am deeply conscious of the current challenging market
environment,” he continued, “I believe that Mario and John will
enable us to realise our aim of developing a meaningful franchise
in the US.”
About Mario P. Vitale
Mr Vitale joins Aspen from Zurich Financial Services where he
was CEO, Global Corporate with responsibility for all Zurich Global
Corporate business in North America and more recently in Latin
America, Europe, Middle East and Asia/Pacific. He was a member of
the Zurich Group management Board. Prior to joining Zurich in 2006
he served with the global broker, Willis Group Holdings, for six
years and as CEO of Willis North America, for four years. Mr.
Vitale was a member of Willis’ Group Executive Committee and Office
of the Chairman, Willis Canada Board of Directors and Willis
Reinsurance Board. Mr Vitale began his career at the Home Insurance
Company.
Mr Vitale is a member of the Board of Trustees of St. John's
University College of Insurance in New York, the Board of Directors
of AICPCU, the Board of the American Insurance Association
(A.I.A.), the Board of Boys Hope Girls Hope of New York and a
former member of the Board of Directors of the Council of Insurance
Agents & Brokers. He has been recognized by the Chinese
American Insurance Association as their 2009 Honoree of the Year
for his leadership in the insurance industry. He is a graduate of
St. John's University College of Insurance, New York.
About Aspen Insurance Holdings Limited
Aspen 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. For more information about Aspen, please visit
www.aspen.bm.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995:
This press release contains written, and Aspen's officers may
make related oral, "forward-looking statements" within the meaning
of the U.S. federal securities laws regarding its appointment of
personnel and its execution of business plans. These statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as "expect," "intend," "plan," "believe," "project,"
"anticipate," "seek," "will," "estimate," "may," "continue," and
similar expressions of a future or forward-looking nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of
which are outside Aspen's control that could cause actual results
to differ materially from such statements, including changes in
market conditions and their impact on our business. For a detailed
description of uncertainties and other factors that could impact
the forward-looking statements in this release, please see the
"Risk Factors" section in Aspen's Annual Report on Form 10-K for
the year ended December 31, 2010, filed with the U.S. Securities
and Exchange Commission on February 25, 2011.
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