Aspen Insurance is expanding into the U.S. marine, energy, and construction insurance sector under the leadership of Anthony S. Carroll, the company's newly appointed executive vice president.
“The formation of a dedicated marine, energy and construction unit in the US, focused on property and onshore energy, fits perfectly with our strategy of providing specialty solutions anchored by an industry focus,” says Mario P. Vitale, CEO of Aspen Insurance, in a statement. “The global energy landscape is growing and evolving, and we are pleased to be in a position to help energy clients and brokers meet the demands of their business including their construction protection needs.”
The unit, which will integrate Aspen U.S. Insurance's existing marine business, will underwrite onshore energy and construction classes of business with a focus on property covers. Its team of underwriters, engineers, and claims experts will distribute the risk management products through retail and wholesale brokers.
“This team will be highly specialized and dedicated to the marine, energy and construction industry, in line within Aspen Insurance's approach to all specialist lines of business. I am excited to work within the framework of Aspen Insurance's integrated business model built on professional underwriting, a strong risk management and engineering culture, and claims integration,” says Carroll.
Carroll joins Aspen from Liberty International Underwriters, where he spent 11 years in leadership positions in its global marine, energy, fire and construction business. Earlier, he worked at Starr Technical Risks Agency and at Cigna. In his new role, Carroll will report to Mario Vitale.
Recently Aspen said it was going to reduce its U.S. earthquake and wind property exposure in order to free $140 million in capital to use in its share buy-back program.
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