A unit of Aspen Insurance Holdings Limited (AHL), Aspen Reinsurance (Aspen Re) has established a new division, known as Aspen Capital Markets, to expand its footprint in the alternative reinsurance market.
Aspen Re chief executive officer James Few said the decision to establish a capital markets division was based on developments in the reinsurance market over recent years and increasing influence of the capital markets on the catastrophe segment.
"The focus of the new unit will be to develop alternative reinsurance structures to leverage our existing underwriting franchise, increase our operational flexibility in the capital markets and provide investors direct access to our underwriting expertise," Few added.
He further said that the recent initiative to launch the new company builds on its successful corporation with Cartesian Capital Group at Iris Re, an investment manager focused on investments in natural catastrophe risk.
Brian Tobben, who joined Aspen on 8 April, has been named as the managing director of the newly formed operation to ensure smooth functioning. He will be based in New York and report to Few.
Prior to joining Aspen Re, Tobben had been working with at PartnerRe for almost 10 years, and most recently was head of insurance linked securities, where he managed a portfolio of catastrophe ILS, life ILS, weather and commodity investments.
Previously, he was serving as vice president of Weather and before that Brian was at Aquila where he held a number of roles including vice president, business development, Weather.
With gross written premiums of $1.2bn in 2012, Aspen Re delivers various specialty reinsurance products and has operations in the US, Bermuda, the UK, Switzerland, France, Germany and Singapore.