Avery to Leave Aspen Board
Bermuda-based Aspen Insurance Holdings Limited announced that Julian R. Avery has advised the Company he will not be standing for re-election to the Board of Directors when his current term expires at the next Annual General Meeting on May 2, 2007.
Avery has been a Director of the Company since April 9, 2003, and is a member of the Compensation Committee and the Corporate Governance and Nominating Committee.
Aspen said he “has been a consistent and long standing supporter of Aspen, playing an integral role in the formation of the Company.”
Avery retired as the CEO of Wellington Underwriting plc, which was one of Aspen’s original investors, in 2004. Wellington is now in the final stages of a merger with the Bermuda-based Catlin Group (See IJ web site Oct. 30, 2006, Jan. 12 and related articles).
Aspen said Avery had taken the decision “not to stand for re-election for an additional 3 year term to the Board because of the time and travel commitments associated with his other business and charitable activities.”
CEO Chris O’Kane commented: “I am personally very appreciative of the support Julian has consistently provided. He was instrumental in the formation of Aspen and his guidance and insights helped shape our current position and future direction.”
“On behalf of the Board, I want to thank Julian for his strong contribution to the Company during its formative years,” added Paul Myers, Aspen’s Chairman.
Aspen summarized Avery’s insurance career, noting that he has “a distinguished background in the insurance and reinsurance industry.” He is also Chairman of Equity Insurance Group (formerly known as Cox Insurance Holdings) and some of its affiliates. He served on the Council of Lloyd’s between December 2000 and February 2005, and was Deputy Chairman of the Lloyd’s Market Association.
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