Cusack steps down at Aspen

Julian Cusack has resigned as chief risk officer from Aspen effective immediately.

He will also be stepping down from the board at the company’s AGM on April 24.

Mr Cusack is a co-founder of Aspen and has held a number of positions within the Aspen, including as chairman of Aspen Bermuda Limited, CFO and CRO.

He will remain with the Company with responsibility for strategic projects and as Chairman of ABL.

Stephen Postlewhite, currently Aspen’s head of risk, will be taking over from Mr Cusack as CRO. Mr Postlewhite has been with the company since 2003.

Chris O’Kane, Aspen’s CEO, said: “Julian has been an invaluable member of our executive management team for the past decade and no one has done more to ensure that our capital and risk management framework has remained robust and resilient, particularly during prolonged periods of economic and market uncertainty.

“He has made an enormous contribution to Aspen’s growth and development and we are delighted that he is staying with us and retaining responsibility for strategic projects and as Chairman of ABL.”

Experience

“We are very fortunate to have in Stephen Postlewhite someone with a wealth of experience who will be able to step into Julian’s role seamlessly, having undertaken the position on an acting basis for much of 2012. I look forward to working with Stephen again in this capacity.”

Aspen also announced that Gordon Ireland has been appointed as a non-executive director of the Company. He has been chief executive and a director of L&F Indemnity Holding Company, the captive insurance company for PricewaterhouseCoopers since July 2010. Prior to this, he spent his career with PwC and its predecessor firms.

Mr Postlewhite was a PwC Partner for 24 years and led the audits for a number of major quoted insurance companies and other financial services organizations.

A release said in addition to his client responsibilities, he has considerable technical leadership experience having chaired PwC’s global international insurance accounting group as well as management experience having been a member of PwC’s UK supervisory board.

In addition, Ian Cormack has decided to step down from the board and as chair of Aspen’s audit committee and as a member of the company’s risk and compensation committees with effect from the AGM on April 24.