Chairman and CEO leave when Aspen completes the sale

Chairman and CEO leave when Aspen completes the saleAspen Insurance Holdings Limited is now fully owned by affiliates of certain investment funds managed by subsidiaries of Apollo Global Management, LLC.

The completion of the sale sees the double departure of chairman Glyn Jones and chief executive officer Chris O & # 39; Kane. Taking control directly is Mark Cloutier as executive chairman and group CEO.

As previously reported, Cloutier left Brit Limited – where he also served as executive chairman – to switch to the insurance group with headquarters in Bermuda.

"I am honored to be appointed as the new CEO of Aspen," he said in the final announcement. "I truly believe that the company benefits from strong insurance technical talent and specialized expertise, making it ideally positioned to provide innovative solutions to the increasingly complex risks that its customers face.

"I am very excited about what Aspen can achieve in the coming years." I would like to thank Chris for his important role and support in the past few months and for making the transition from public to private as seamless as possible. an impressive franchise year and we wish him every success in his future efforts. "

Aspen shares have stopped trading on the New York Stock Exchange and the Bermuda Stock Exchange, with all outstanding ordinary shares potted by the Apollo funds for US $ 42.75 per share in cash. The acquisition represents a capital value of approximately US $ 2.6 billion.

"Seventeen years ago, with 38 colleagues, US $ 600 million in assets and a vision, we have formed Aspen", said O & # 39; Kane, who wants his successor and the success of the company. "As a result of hard work, determination and unremitting dedication to our customers, Aspen is now a force in the reinsurance and insurance markets with more than US $ 12 billion in assets and approximately 1,150 employees.

"I am extremely proud of our achievements and cherish the relationships and friendships both within Aspen and in the broader market that we have formed on the road." I would like to thank all my colleagues in Aspen, as well as our customers and brokers for all their considerable support over the years, and I am pleased to see that Aspen is able to go to strength under the new direction of Mark Cloutier. "

Meanwhile, directors Albert Beer, Matthew Botein, Gary Gregg, Heidi Hutter, Karl Mayr, Bret Pearlman and Ron Pressman also leave the board immediately. John Cavoores and Gordon Ireland remain and are assisted by Josh Black, Alex Humphreys, Gernot Lohr, Gary Parr and Michael Saffer.

"We are delighted that our funds will purchase Aspen during the next chapter of development," says Apollo partner Alex Humphreys. "We are delighted to be back together with Mark after our successful investment together in Brit Insurance.

"Mark has a long and successful track record in the insurance industry and we believe he has the ideal position to lead Aspen through a period of transition to significantly improved profitability.We look forward to working with him and the talented management team of Aspen to stimulate value creation in the coming years. "