Aspen US Insurance Announces the Formation of a Marine, Energy & Construction Unit; Appoints Anthony S. Carroll as Executive ...
April 09 2013 - 8:00AM
Business Wire
Aspen Insurance, the insurance segment of Aspen Insurance
Holdings Limited (“Aspen”) (NYSE:AHL) has announced the formation
of a specialty marine, energy and construction unit within its US
Insurance business, led by Anthony S. Carroll who has been named
Executive Vice President. The unit complements Aspen Insurance’s
existing London-based operations in marine, energy and construction
and creates a focused, specialist offering for our clients and
brokers in these sectors in the US.
The US-based marine, energy and construction unit will
underwrite a variety of onshore energy and construction sector
classes of business with a focus on property covers and will
distribute its products in the US primarily through a limited
number of retail and wholesale brokers. This unit will have an
integrated team of underwriters, engineers, and claims
professionals focused on providing creative risk management based
solutions for the marine, energy and construction industries. Aspen
US Insurance’s existing marine business will be incorporated into
this unit.
Anthony S. Carroll, who will report to Mario P. Vitale, CEO,
Aspen Insurance, joins Aspen with 28 years of insurance experience.
Most recently, he was with Liberty International Underwriters where
he spent 11 years in leadership positions in their global marine,
energy, fire and construction business. Prior to Liberty, Carroll
worked at Starr Technical Risks Agency and Cigna in a variety of
management positions.
Commenting on the unit, Vitale said, “The formation of a
dedicated marine, energy and construction unit in the US, focused
on property and onshore energy, fits perfectly with our strategy of
providing specialty solutions anchored by an industry focus. The
global energy landscape is growing and evolving, and we are pleased
to be in a position to help energy clients and brokers meet the
demands of their business including their construction protection
needs.”
“Tony brings a wealth of experience to Aspen Insurance and he
will be instrumental in helping us to expand our presence in the US
and build on the success we have had to date,” he added.
Carroll commented: “This team will be highly specialized and
dedicated to the marine, energy and construction industry, in line
within Aspen Insurance’s approach to all specialist lines of
business. I am excited to work within the framework of Aspen
Insurance’s integrated business model built on professional
underwriting, a strong risk management and engineering culture, and
claims integration.”
About Aspen US Insurance
Aspen US Insurance, which is part of Aspen Insurance Holdings
Limited (“Aspen”), writes property, casualty and specialty
insurance in the US on both a surplus lines and admitted basis
through Aspen Specialty Insurance Company and Aspen American
Insurance Company. Our underwriting teams have a specialized focus
on opportunities in Inland Marine and Ocean Risks, Professional
Liability, Management Liability and Directors and Officers
Insurance which are underwritten in addition to established lines
of Property, General Casualty and Environmental Liability. Further
information about Aspen can be found at www.aspen.co
About Aspen Insurance Holdings Limited (“Aspen”)
Aspen provides reinsurance and insurance coverage to clients in
various domestic and global markets through wholly-owned
subsidiaries and offices in Bermuda, France, Germany, Ireland,
Singapore, Switzerland, the United Kingdom and the United States.
For the year ended December 31, 2012, Aspen reported $10.3 billion
in total assets, $4.8 billion in gross reserves, $3.5 billion in
shareholders’ equity, and $2.6 billion in gross written premiums.
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.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995
This press release contains "forward-looking" statements
regarding future results and events, including, without limitation,
statements regarding the Company's appointment of key personnel and
achievement of its business plans. 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 our ability to
consummate the transactions contemplated by the terms of the
accelerated share repurchase agreement, the share price and share
volumes which may impact timing of repurchases, changes in market
conditions and the impact on our business of such factors. For a
detailed description of uncertainties and other factors that could
impact the forward-looking statements in this press release, please
see the “Risk Factors” section in Aspen’s Annual Report on Form
10-K for the year ended December 31, 2012, filed with the U.S.
Securities and Exchange Commission on February 26, 2013. Aspen
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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