Brit Ltd. announced that Mark Cloutier will step down from his role as executive chairman of Brit in December 2018. Following his departure, Cloutier will take up a role with an affiliate of Apollo Global Management, LLC, working as a consultant with an immediate focus on the previously announced proposed acquisition of Aspen Insurance Holdings Ltd. by investment funds managed by affiliates of Apollo Global Management, with a view to assuming the role of chairman and CEO of Aspen following completion of the transaction.
The investment firm Apollo Global Management announced plans to acquire Aspen for $2.6 billion on Aug. 28. Chris O’Kane, group chief executive officer of Aspen Insurance Holdings Ltd., announced on Oct. 1 he would be leaving the company. See related article that quotes O’Kane’s letter to employees.
Cloutier was appointed CEO of Brit in 2011 and later became chairman of the board in January 2017. As CEO, Cloutier was instrumental in turning Brit into a leading Lloyd’s insurer, Brit said in a statement.
For over 40 years in the industry, Cloutier is CEO of Alea Group, CEO of Abroad Partner and E.W. He has held a number of CEO and senior management positions including president of Blanch Insurance Services Inc.
Matthew Wilson, CEO of London, said: ini Mark played an important role in Brit’s recent history, led to the creation of the British as a top-level Lloyd’s insurance company, which resulted in their return to public markets and the acquisition by Fairfax. Londra based Brit.
Seviyesinde Mark’s high reputation in the business world is proof of what our industry has achieved at the highest level. I would like to thank Markos for his leadership, wise advice and most importantly for his friendship on behalf of the board of directors and I wish him the best in the next stage of his career. Hem
. Being part of the Brit’s story was an exciting and rewarding experience, I’m proud of what we’ve accomplished, and I can leave knowing that I’m out of a remarkable team and market leader under Matthew’s very talented leadership,. Said Cloutier.
Prem Watsa, Chairman and CEO of Fairfax, said: devral Mark was a friend of Fairfax for many years, and Brit’s takeover in 2015 made valuable contributions to our Group. We can continue our best wishes and look forward to a long friendship. “
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