Aspen Insurance CEO departs after Q4 loss
Aspen Insurance's chief executive officer Stephen Postlewhite is leaving the business with immediate effect, according to a Jan. 26 press release.
The company has appointed David Cohen as president and chief underwriting officer of Aspen Insurance, responsible for leading the day-to-day management of its insurance business, reporting to group CEO, Chris O’Kane.
The announcement comes shortly after the Bermuda-based re/insurer revealed fourth quarter 2017 underwriting losses of around $245 million.
The fourth quarter loss is driven by the impact of natural catastrophes as well as an increased frequency of mid-sized and attritional losses primarily in Aspen’s insurance segment. These include property and fire-related losses in the UK and US and, to a lesser extent, cyber losses and an increase in a previously reported surety loss.
Commenting on Cohen’s appointment, O’Kane remarked: “David joined Aspen in November 2015. Since his arrival, he has upgraded the underwriting talent in our insurance segment, is refocusing our underwriting book and is positioning Aspen Insurance for success in the next stage of its development. David is a strong and well-respected leader and I am confident that as we move forward, he will drive improvements across our Insurance business.”
“Steve has made a significant contribution to Aspen over the last 15 years and I would like to wish him all the best for the future,” O’Kane added.
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