Aspen grants CFO $2m retention award
Bermuda-based Aspen Insurance Holdings has granted its group chief financial officer Scott Kirk with a retention award in the amount of $2 million.
The retention award will be paid to Kirk on Jan. 1, 2020 subject to the terms and conditions set forth in a retention letter between Kirk and the company, dated Aug. 13, 2018.
In the retention letter, the company explains that “in light of the prevailing market conditions, Aspen would like to recognise a small number of key employees who contribute significantly to Aspen and who play an integral role in Aspen’s future.”
Aspen notes that the retention award will only be paid if Kirk continues to “satisfactorily perform” his employment duties and remains employed with Aspen and will not have resigned or provided notice of resignation from his position prior to the payment date. “We have the right to deduct or withhold or require you to remit to us or our subsidiaries, an amount sufficient to satisfy any tax withholding requirements applicable to the award,” the company added in the retention letter.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Lloyd’s agencies eager to embrace ILS
Fosun vice president becomes Peak Re chairman
Admiral CEO pleased with UK motor as H1 profits rise
IAG grows insurance profit by 11% in 2018 FY
Capsicum Re boosts cyber division
