Aspen

The executive was head of casualty for North America and London for Axis Reinsurance. 

The carrier's rehabilitation in the hands of private equity house Apollo hit a stumbling block yesterday after ratings agency AM Best revised its rating outlook on Aspen to negative.

The carrier has also appointed Kevin Chidwick as group CFO.

Aspen is the latest to pass the risk of unfavourable reserve development on to reinsurers.

Stephen Postlewhite will succeed the executive as managing director.

Market sources said the carrier was no longer accepting submissions across those classes of insurance.

Crystal Ottaviano was previously chief risk officer at Swiss Re America.

Richard Milner joins as senior managing director at Aspen Re International.

Andrew Kudera was previously group chief actuary at Validus.

The InsurTech also raised $37mn in a funding round led by Founders Fund.

The move is likely to be interpreted as succession planning for current CEO Cloutier.

The Mark Cloutier-led carrier reported improvement in its underlying underwriting result.