ASPEN INSURANCE HOLDINGS LIMITED (NYSE:AHL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 29, 2018, Aspen Insurance Holdings Limited (“Aspen” or the “Company”) issued a press release announcing that Brian Boornazian, previously the Chairman of Aspen Re and Chief Executive Officer of Aspen Re America, decided to retire from Aspen and will cease to perform duties for the Company effective April 30, 2018 (the “Separation Date”).
Under the terms of the Separation Agreement, dated March 28, 2018 (the “Agreement”), between Mr. Boornazian and Aspen Insurance U.S. Services Inc. (“Aspen U.S.Services”), Mr. Boornazian will receive the sum of $1,379,240, less applicable tax withholdings, which represents 50% of Mr. Boornazian’s highest annual base salary plus the average annual bonus that was paid to Mr. Boornazian for the years 2014, 2015 and 2016. Mr. Boornazian is also entitled to receive a lump sum payment in the amount of 31,703 unvested LTIP awards held by Mr. Boornazian as of the Separation Date multiplied by the Company’s average share price for the thirty days immediately preceding the Separation Date, less applicable tax withholdings. In addition, the Company will deliver 2,966 “banked” but unvested performance shares previously issued to Mr. Boornazian.
The payments summarized above are subject to Mr. Boornazian’s compliance with certain confidentiality, non-solicit and non-compete restrictions and other conditions.
This summary is qualified in its entirety by the Agreement which is attached hereto as Exhibit 10.1.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Unless otherwise specified above, the following exhibits are filed as part of this report:
ASPEN INSURANCE HOLDINGS LTD ExhibitEX-10.1 2 exhibit101bbseparationagre.htm EXHIBIT 10.1 Exhibit Exhibit 10.1SEPARATION AGREEMENTThis Separation Agreement (“Agreement”) is made as of March 28,…To view the full exhibit click here
About ASPEN INSURANCE HOLDINGS LIMITED (NYSE:AHL)
Aspen Insurance Holdings Limited (Aspen Holdings) is a holding company. The Company conducts insurance and reinsurance business through its subsidiaries: Aspen U.K. and AUL, Aspen Bermuda (Bermuda) and Aspen Specialty and AAIC (the United States). It operates in two segments: Aspen Insurance and Aspen Reinsurance (Aspen Re). Its insurance segment consists of property and casualty insurance; marine, aviation and energy insurance, and financial and professional lines insurance. Aspen Re consists of property catastrophe reinsurance, other property reinsurance, casualty reinsurance and specialty reinsurance. Its Aspen Re consists of property catastrophe reinsurance, other property reinsurance (risk excess, pro rata and facultative), casualty reinsurance (the United States treaty, international treaty and global facultative) and specialty reinsurance (credit and surety, agriculture, marine, aviation, terrorism, engineering).
