Aspen U.S. Insurance Announces Establishment of U.S. Surety Unit
March 09 2011 - 9:00AM
Business Wire
Aspen U.S. Insurance is pleased to announce the establishment of
its new Surety insurance unit, led by Michael Toppi, Executive Vice
President of Aspen U.S. Insurance. Joining Mr. Toppi will be Mathew
Raino, Vice President, Commercial Surety, and Ryan Field, Assistant
Vice President, Commercial Surety. The Surety team will based in
Rocky Hill, Connecticut, and will adopt a niche approach to the
market, with a focus on public and private commercial and non
construction surety.
John Cavoores, Co-CEO of Aspen Insurance, said, “I am delighted
that Mike has joined Aspen. He is a recognized industry leader with
twenty three years of experience. He has great broker and client
relationships and all the necessary technical skills to continue
his profitable track-record. The formation of this business is
another step in the development of Aspen’s U.S. specialty insurance
operations.”
Mr. Toppi commented, “I am very pleased to be joining the Aspen
team and look forward to working with underwriting professionals
that share a common view of the business. I welcome the opportunity
to build a first class surety franchise with Aspen’s support.”
John Cavoores added, “Entering this particular market segment is
consistent with Aspen’s strategy of selective diversification in
businesses that have historically produced great results. I look
forward to working with Mike and his team.”
About Michael Toppi
Mr. Toppi joins Aspen from Travelers Bond & Financial
Products. His career in the surety business spans over twenty three
years with both Travelers where he began in 1987, and The Hartford
Insurance Group. Previously, Mr. Toppi worked as a Police Officer
in the City of Hartford and served in the United States Air Force.
He is a graduate of the University of Connecticut with a degree in
Political Science.
About Mathew Raino
Mr. Raino joins Aspen from Travelers Bond & Financial
Products where his responsibilities included production,
underwriting and portfolio management for the Southern Region of
the US with a particular focus on the Energy and Municipal Solid
Waste industries. Mr. Raino is a graduate of the University of
South Carolina, with a Bachelor of Science degree in Finance.
About Ryan Field
Mr. Field is a specialist in commercial surety and joins Aspen
from Travelers Bond & Financial Products, where he was
responsible for underwriting and portfolio management in the
Southern Region of the US with a focus on the Mining & Mineral
Industry. Prior to joining the insurance sector, Mr. Field worked
in the Wholesale Mortgage Division at Deutsche Bank. Mr. Field
graduated from Mount St. Mary College with a degree in
Mathematics.
About Aspen U.S. Insurance
Aspen U.S. writes property, casualty and specialty insurance in
the U.S. on both a surplus lines and admitted basis through Aspen
Specialty Insurance Company and Aspen American Insurance Company.
In the last 18 months a number of teams have been hired with a
specialized focus on underwriting opportunities in Inland Marine
and Ocean Risks, Professional Liability, Management Liability and
Director’s and Officers Insurance which are underwritten in
addition to established lines of Property, General Casualty and
Environmental Liability.
About Aspen Insurance Holdings Limited
Aspen Insurance Holdings Limited (AHL:NYSE) 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 execution of its 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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