Aspen
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Catastrophe losses more than doubled to $360.8mn, which included $181.2mn of Covid-19 losses. -
The appointment reflects a diversification push at the carrier.
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Bermudian’s Lloyd’s platform to begin underwriting class by early 2021.
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The move caps 18 months of turnaround efforts at the Bermuda reinsurer.
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The former GL leader takes up a New York and Connecticut role.
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The carrier showed improvement in the underlying profitability of the carrier as the turnaround continues.
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The ratings agency has lowered the carrier’s rating by a notch because of capital adequacy concerns.
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Theresa Froelich takes up the role following a restructure of senior leadership at the company.
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Guy Carp, Aon and TigerRisk are among the intermediaries that have submitted bids.
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The moves follow the exit of insurance CUO Cohen and two of his former Liberty colleagues.
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David Cohen, Dan Vaughn and Tim Kania are understood to have left the company.
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The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
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