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Ex-Validus executive Ritz named Aspen president

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Jonathan Ritz, most recently CEO of Validus’ US insurance operations, has been appointed president of Aspen, The Insurance Insider can reveal.

Ritz’ appointment to the vacant president role makes him heir presumptive to current executive chairman and CEO Mark Cloutier.

The incoming executive, who will report directly to Cloutier, joins with immediate effect, according to an internal company announcement obtained by this publication.

Ritz left Validus-acquirer AIG in April following a restructure which put Western World, one of the operating entities led by the executive, under the oversight of Lexington.

In the staff announcement, Cloutier said Ritz will “help lead the executive team” and assume a range of “day-to-day” responsibilities from him.

Additionally, “he will also immediately be undertaking a number of key initiatives, including leading a complete review of our overall structure and operating model”.

Ritz will also join the group executive committee and the group underwriting committee, the circular said.

Aspen was acquired by investment giant Apollo for $2.6bn in a deal that closed in February, with Cloutier simultaneously parachuted in as executive chairman and CEO.

Since then the business has kept a relatively low profile with little public comment from the private company.

In the circular, by stressing the areas that will be a focus for him, Cloutier provided some oblique clues to the firm’s strategy.

He said that one of his five focuses would be “broadening our relationships with both trading partners and sector investors to support our capital markets initiatives, as well as to potentially support us as follow on investors to Apollo Global Managers”.

In addition, he said he would work “with our capital, finance and outwards reinsurance teams to ensure we improve capital flexibility supporting growth while prudently protecting our balance sheet”.

The other priorities included strategy, work on culture and talent – including diversity and inclusion, as well as communicating developments to all internal and external stakeholders.

In his most recent role at Validus, Ritz headed up Validus’ US insurance operations including Western World, Crop Risk Services and Validus Specialty Underwriters.

He was also previously chief operating officer for Validus Holdings.

Prior to that he held CUO or senior operating roles at firms including United America, IFG and Icat. He also worked at Guy Carpenter earlier in his career.

Aspen declined to comment.

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