Brit chairman to become Aspen CEO
Brit’s executive chairman Mark Cloutier is stepping down from his role in December 2018 with a view to becoming Aspen CEO.
Following his departure, Cloutier will take up a role with an affiliate of Apollo Global Management, working as a consultant with an immediate focus on the previously announced proposed acquisition of Aspen Insurance Holdings by investment funds managed by affiliates of Apollo Global Management, with a view to assuming the role of chairman and CEO of Bermuda-based Aspen following completion of the transaction.
Apollo is offering $2.6 billion to buy Aspen and take the insurer private.
Cloutier was appointed Brit CEO in 2011, subsequently becoming executive chairman in January 2017. As CEO, Cloutier was instrumental in the transformation of Brit into a leading Lloyd’s insurer, according to a corporate statement.
Over the course of more than 40 years in the industry, Cloutier has held a number of CEO and senior executive positions, including CEO of the Alea Group, CEO of Overseas Partner Re and President - E.W. Blanch Insurance Services Inc.
Matthew Wilson, CEO, Brit, said: “Mark has played a pivotal role in Brit’s recent history, driving the establishment of Brit as a top-quartile Lloyd’s insurer and leading the business through its return to the public markets and subsequent acquisition by Fairfax.
“The high esteem with which Mark is held across the business is testament to what he has achieved at the highest levels in our industry. Both on behalf of the board and personally, I would like to thank Mark for his leadership, wise counsel and most importantly, friendship and wish him the very best in the next stage of his career.”
Cloutier, commented: “Being part of the Brit story has been an exciting and rewarding experience, I am proud of what we achieved and can leave knowing I leave an outstanding team and market leading business under Matthew’s very capable leadership.
“The combination of Brit’s many strengths with the resources, support and values of the Fairfax group puts the company in a terrific position to grow and succeed well into the future. I will always owe a debt of gratitude to, and will be a good friend and supporter of, Matthew Wilson and the Brit team as well as Prem Watsa and the entire Fairfax organisation.”
Prem Watsa, CEO of Fairfax, said: “Mark has been a friend to Fairfax for many years and, since the acquisition of Brit in 2015, has made an invaluable contribution across the Group. We wish him well and look forward to a continuing long friendship.”
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