Chief executive departs amid poor results
Aspen chief executive Stephen Postlewhite is leaving the business amid results which have ‘deeply disappointed’.
President and chief underwriting officer David Cohen now takes the helm at a time when the business will report an expected $245m (£172.7m) underwriting loss for the fourth quarter of 2017.
Apsen has been hit by the Californian wildfires, amounting to a $135m pre-tax hit, largely in the reinsurance division.
It is also axing London jobs in a cost-cutting drive, as first reported by sister title Insurance Times in October last year.
Group chief executive Chris O’Kane said: “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.”
Postlewhite’s exit comes amid results which have worried O’Kane.
He said earlier today: “We are deeply disappointed with our financial performance in 2017.
“We have taken a number of actions to improve our underwriting performance and expect to see the impact of these reflected in our 2018 underwriting year results and beyond.”