MARK CLOUTIER TO SUCCEED O'KANE AS ASPEN CEO

Brit executive chairman Mark Cloutier is to replace Chris O’Kane as chairman and chief executive of Aspen Insurance Holdings following its $2.6bn acquisition by private equity firm Apollo Global. Cloutier will step down from his role at Brit in December 2018 and will work as a “consultant” for Apollo on the acquisition with a view to assuming the role of chairman and chief executive of Aspen following completion of the transaction, Brit said. Cloutier has worked with Apollo previously. He was appointed Brit chief executive in 2011, when the insurer was acquired by Apollo and another private equity firm, CVC. Brit was subsequently floated in 2015 and then taken private by current owner Fairfax for £1.22bn. It is understood that O’Kane would step down once the transaction completes.