NU Online News Service, Feb. 14, 3:32 p.m. EST

Hamilton, Bermuda-based reinsurer Aspen Insurance Holdings Ltd. says it has initiated a search for a new chief financial officer to replace Richard Houghton, who will be leaving the company effective Feb. 29 to pursue other opportunities.

Houghton will remain in his role through the company's filing of its annual report, the company says.

Julian Cusack, currently chief risk officer of Aspen, will assume the role of acting CFO pending the appointment of a successor to Houghton.

Prior to assuming his current role, Cusack was the CFO of the company from its inception until 2007.

Stephen Postlewhite, currently head of risk, will assume the role of acting chief risk officer.

Chris O'Kane, chief executive officer of Aspen, says in a statement, “Richard has been an invaluable member of our executive management team for the past five years. He joined us with a specific mandate to take forward our finance and investment strategies and has accomplished this with considerable success. He has also greatly enhanced our operational infrastructure by overseeing numerous developments in our human resources and information technology functions.”