Aspen UK CEO to become group CEO of Chaucer

Aspen Insurance's UK chief executive officer Richard Milner (pictured left) is leaving Aspen to become group chief executive officer of UK re/insurer Chaucer.  

Sarah Stanford (pictured right), the active underwriter of Aspen's Lloyd's syndicate 4711, has been named as interim CEO of Aspen UK and the company has begun a selection process for a permanent replacement. 

Milner will be responsible for the general oversight, management, and strategic development of the business which includes composite Syndicate 1084, specialty nuclear Syndicate 1176, and their insurance company in Dublin. His appointment is subject to local regulatory approval, Chaucer said. 

"His breadth of experience in Lloyd’s and across international markets, driving transformation and delivering growth and performance goals, and his reputation as a strong collaborator and communicator are perfectly suited to lead Chaucer in the next phase of their development, the company added. 

Paul Jardine, chairman of Chaucer Group, said: "I am delighted Richard has accepted the role and I look forward to working with him. Over the course of his career Richard has distinguished himself as an exceptional leader, earning the respect of his peers and across the industry. I am confident that we will all benefit from his tremendous leadership skills, strong underwriting background, and deep understanding of international markets as we continue our development as a leading global underwriting group.”

He Chunlei, chairman of  Chaucer owner China Re  Group, added: “Chaucer is in a prime position for further growth and success. Together with the leadership team and Chaucer’s deep bench of underwriting, risk and claims expertise, Richard will be immensely valuable in leading Chaucer into a bright future.”

Milner said: "I am delighted to be appointed Group CEO of Chaucer. Chaucer’s reputation, which is built on the experience and expertise of its talented people, innovation and a disciplined approach to risk management, makes it a natural next step for me. I am excited about the opportunities ahead and the chance to be part of something special.”

Milner became UK CEO of Aspen in 2020 and was previously CEO at Vibe Re. Prior to that, he was at Axis Capital for more than 12 years, ending up as UK chief underwriting officer for Axis Re after holding other roles in London and Bermuda. 

Aspen's Lloyd’s Syndicate 4711 represents approximately 75% of Aspen’s UK business. Under Stanford's leadership, Aspen said the syndicate has seen substantial progress, reporting significant growth to £838.6 million in GWP and delivering a 75.4% COR in 2022, while becoming one of Lloyd’s best performing Syndicates of the year. 

Bermuda-based Aspen added: "In 2023, Stanford led the creation of Aspen Digital, which provides additional, digital-only follow capacity, in an industry-first partnership with Ki.

"Stanford has over 25 years’ experience in the industry. She joined Aspen in 2007 and has held several senior roles, including Head of International Management Liability and Professional Lines, before being appointed Active Underwriter of Aspen’s Lloyd’s Syndicate 4711 in 2019. Before Aspen, she worked in underwriting positions at Limit MJ Harrington Syndicate 2000/QBE."

Stanford will continue to report to Mark Cloutier, executive chairman and group CEO, and to be a member of the group executive committee. 

Aspen said: "A formal selection process is underway to confirm a permanent CEO, subject to Board and regulatory approval, which will be announced in due course. In the meantime, and in addition to her interim UK CEO responsibility, Sarah will continue in her position as Active Underwriter."

Mark Cloutier, executive chairman and group CEO said: “I am pleased that Sarah is stepping in as interim UK CEO. As Active Underwriter of Syndicate 4711, Aspen’s core platform in the UK, she brings an impressive track record and credentials in the form of a robust performance, innovative progress, and a solid market reputation for the Syndicate.”

“Sarah’s interim appointment into the role showcases the depth of talent we have within our team at Aspen and the strength of our succession planning.

“I would like to thank Richard Milner for his many contributions to Aspen over the past four years and wish him well in his future endeavours.”

Milner leaves Aspen on March 31.

Aspen is in the throes of holding an initial public offering on the New York Stock Exchange. 

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