Aspen Re announces opening of major European office
14 June 2007 - 11:01PM
PR Newswire (US)
Switzerland to be hub of European expansion LONDON, June 14
/PRNewswire/ -- Aspen Re, a subsidiary of Aspen Insurance Holding
Limited (NYSE:AHL), today announced the launch of Aspen Re in
Europe and its plan to open a major office in continental Europe.
The office, to be based in Zurich, will act as the hub for Aspen's
European reinsurance activity. This move is strategically important
for Aspen Re as Europe is the second largest insurance buyer in the
world after the United States. Furthermore, Zurich is one of the
major financial centres in Europe and a key location for many
insurance companies, making it increasingly important to have a
physical presence close to where clients do their business. Aspen
Re Europe represents the first time Aspen has established a
dedicated operation to pursue all lines of business in continental
Europe. In line with Aspen Re's commitment to offer the best
possible service to its clients, the new operation will be
structured as a one-stop shop, integrating all lines of business
such as Property and Casualty reinsurance under a single platform
and business plan. Aspen Re's new Europe hub will be headed by
Jacopo D'antonio, President and Chief Underwriting Officer. Jacopo
has 16 years experience in the insurance and reinsurance industry.
He has been with Aspen since its inception in 2002, having joined
from Wellington's Syndicate 2020 at Lloyd's in 2001, where he was
part of the team that set up Aspen Re and was later appointed Head
of Property Reinsurance in London and Head of Reinsurance Business
Development in Europe. Prior to this Jacopo was with Generali
Group, where he was deputy head of the inwards treaty department
with direct responsibility for Northern and Southern Europe, and
the Generali branch in Singapore. He also sat on the London Market
Legal Committee dealing with European integration and the
reinsurance industry. Aspen Re anticipates that the Swiss branch
will employ up to 20 people in the next two years. Commenting on
the announcement, Chris O'Kane, Chief Executive Officer of Aspen
Insurance Holdings said: "The planned launch of Aspen Re in Europe
and the opening of our Zurich office are the first steps to Aspen
expanding its European footprint and positioning ourselves to take
advantage of the numerous opportunities we see on the Continent.
This will enable us to provide an enhanced and localised service to
our European clients, and a solid base from which we can access
countries in Central and Eastern Europe which are experiencing
strong economic growth and, as a result, significant demand for
insurance." About Aspen Insurance UK Limited ("Aspen Re") Aspen
Insurance UK Limited was established in London in June 2002 to
serve the needs of the London and wider UK insurance market. It is
the largest business in the Aspen Group. The company trades under
the names of Aspen Insurance and Aspen Re, writing a range of
specialty insurance and reinsurance lines respectively Aspen
Insurance UK Limited is a wholly owned subsidiary of Aspen
Insurance Holdings Limited. For more information about Aspen Re,
please visit http://www.aspen-re.com/. About Aspen Insurance
Holdings Limited Aspen Insurance Holdings Limited was established
in June 2002. Aspen is a Bermudian holding company that provides
property and casualty reinsurance in the global market, property
and liability insurance principally in the United Kingdom and the
United States and specialty insurance and reinsurance consisting
mainly of marine, liability and energy and aviation worldwide.
Aspen's operations are conducted through its wholly-owned
subsidiaries located in London, Bermuda and the United States:
Aspen Insurance UK Limited, Aspen Insurance Limited and Aspen
Specialty Insurance Company. Aspen has four operating segments:
property reinsurance, casualty reinsurance, specialty insurance and
reinsurance and property and casualty insurance. Aspen's principal
existing founding shareholders include The Blackstone Group,
Candover Partners Limited and Credit Suisse First Boston Private
Equity. For more information about Aspen, please visit Aspen's
website at http://www.aspen.bm/. Application of the Safe Harbor of
the Private Securities Litigation Reform Act of 1995: This press
release contains written, and Aspen's officers may make related
oral, "forward-looking statements" within the meaning of the U.S.
federal securities laws regarding the status and implementation of
Aspen's growth strategies. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current
facts, and can be identified by the use of words such as "expect,"
"intend," "plan," "believe," "project," "anticipate," "seek,"
"will," "estimate," "may," "continue," and similar expressions of a
future or forward- looking nature. All forward-looking statements
rely on a number of assumptions, estimates and data concerning
future results and events and are subject to a number of
uncertainties and other factors, many of which are outside Aspen's
control that could cause actual results to differ materially from
such statements. For a detailed description of uncertainties and
other factors that could impact the forward-looking statements in
this release, please see the "Risk Factors" section in Aspen's
Annual Report on Form 10-K for the year ended December 31, 2006,
filed with the U.S. Securities and Exchange Commission on February
22, 2007. DATASOURCE: Aspen Re CONTACT: Tania Kerno, Head of
Communications of Aspen Re, + 44 (0) 20 7184 8855; or Sarah
Gestetner, Justin Griffiths, or Hannah Seward, all of Citigate Dewe
Rogerson, +44 (0) 20 7638 9571, for Aspen Re; or Eliza Johnson of
Abernathy MacGregor Group, +1-212-371-5999, for Aspen Re Web site:
http://www.aspen.bm/
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