Aspen

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.

Small businesses from the hospitality sector sued the insurers in six states.

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.