- Push-out Score suggests push-out forces
- After around 16 years in the position
- Mark Cloutier taking over
- O’Kane made a lengthy statement and said 488 words
(exechange) — Hamilton, Bermuda, October 1, 2018 — Chris O’Kane, chief executive of Aspen, leaves. As announced by Aspen Insurance Holdings Limited in a regulatory filing published on Monday, October 1, 2018, Christopher (Chris) O’Kane leaves his post as Chief Executive Officer at the insurance company after around 16 years in the role, effective on or shortly after the completion of Aspen’s acquisition by affiliates of certain investment funds managed by affiliates of Apollo Global Management, LLC.
It is the end of an era.
O’Kane’s duties will be taken over by Mark Bertrand Cloutier, most recently executive chairman of Brit Ltd.
The fact that O’Kane’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Aspen did not explicitly explain the reason for O’Kane’s move, leaving room for speculation.
Precise information about O’Kane’s future plans was not immediately available.
Aspen said: “Christopher O’Kane will step down from his position as Chief Executive Officer and director of Aspen on or shortly after the completion of Aspen’s acquisition by affiliates of certain investment funds managed by affiliates of Apollo Global Management, LLC … The transaction is expected to close in the first half of 2019, subject to approval of regulators and Aspen’s shareholders and the satisfaction of other closing conditions.”
Share price decline
The change follows a decline in the share price of Aspen Insurance Holdings Limited since February 2017.
Chaired by Glyn Jones
Aspen Insurance Holdings Limited is chaired by Glyn Jones.
With effect from May 2, 2007, Jones was appointed as Chairman of the Board. Jones has been a director and a member of the Investment Committee since October 30, 2006.
In the position of CEO since 2002
Christopher O’Kane has been the Chief Executive Officer and Executive Director of Aspen Insurance Holdings Limited since June 21, 2002.
Chris O’Kane is the Founder, Group Chief Executive Officer and a Director of Aspen Insurance Holdings Limited, a global specialty insurer and reinsurer, listed on the New York Stock Exchange since 2003.
He has almost four decades of experience in the insurance industry including senior underwriting positions and as a broker.
He commenced his underwriting career in 1986 at Amlin plc, where he traded at Lloyd’s of London having previously been with Sedgwick as a reinsurance broker for six years.
He moved to Wellington Underwriting plc in 1993, where he spent 9 years.
During his time at Wellington, he held a number of senior positions and was appointed a Director and Chief Underwriting Officer in 2000.
He founded Aspen in 2002.
He is actively engaged with British American Business, a leading transatlantic business organization dedicated to helping companies connect and build their businesses on both sides of the Atlantic.
O’Kane was honored with the UK Transatlantic Business Award in 2016.
He is also a member of the Board of Blue Marble, a consortium of eight companies collaborating as a for-profit social enterprise to provide socially impactful, commercially viable insurance protection to the underserved.
O’Kane holds a BA in Politics from Trinity College, Dublin and an MA in Political Philosophy from the University of Lancaster.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chris O’Kane’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 41.2018 ($).