Aspen

The Insider 50 contracted by 1.0 percent last week, as 35 companies in the index posted negative share price movements.

Having taken the call to run a sale process as early as March, the Aspen board would clearly have expected the company’s future ownership to be resolved by this point.

The underwriter joins from Advent and replaces Richard Rudden, who recently left the business.

Aspen CEO Chris O’Kane is performing a balancing act – and it is impacting the shares.

The deals are the latest evidence of a shift in aviation market capacity.

Raheila Nazir joins after less than one year at Aspen.

The portfolio is understood to include a range of airline and hull deductible risks.

The CEO hinted at deal timeline on conference call where he gave relatively little else away.

This publication understands Aspen will either look to strike renewal rights deals on the aviation, marine hull and international professional indemnity books, or put them into run-off.

The seller’s board has also refused to grant exclusivity to the investment firm as hopes of a 1 August deal fade.

Senior underwriter Fergus Fergusson will take over following the departure of Donnacha Smyth to XL Catlin.

Aspen has lost more underwriters as members of its Bermuda FinPro team jump ship.