Aspen
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John Welch left his role as CEO of domestic markets at Axa XL Re last year in a leadership reshuffle. -
The company said the result was "encouraging given the challenges of ILS capital raising".
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The managing director had spent eight years at Aspen before joining the ESG start-up.
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The move follows Sal Tucci’s departure from the firm to set up Jireh Risk Advisors.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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Fee income rocketed by 88% as capital surpassed $900mn.
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The deal expanded scope of Aspen’s delegated underwriting operations across both US and European operations run by Ryan Specialty.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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In a raft of promotions, Andrew Rippert will become reinsurance CUO and Beatrice Morley head of international reinsurance.
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The (re)insurer reported $30.5mn of fee income for the half-year.
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Aspen’s outwards reinsurance team now also joins the carrier’s capital markets unit.
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The bond will provide industry loss cover against any named storm event, North American earthquake or European windstorm.
