Aspen is the latest player to join the push into the third party capital space, with the formation of Aspen Capital Markets.
Brian Tobben will be heading up the new unit as managing director, as Aspen ramps up its capabilities in the alternative market.
Commenting on the new formation, James Few, CEO of Aspen Re said: “Our decision to establish a capital markets division recognises developments in the reinsurance market over recent years as the influence of the capital markets on the catastrophe segment has steadily increased.
“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. This initiative builds on our successful partnership with Cartesian Capital Group at Iris Re, an investment manager focused on investments in natural catastrophe risk.”
Aspen, capital markets, alternative capital, reinsurance, Bermuda