Aspen

Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.

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Sources said the roughly $2.7bn book value business is likely to target a valuation of 1.5x book or above — pointing to a valuation in excess of $4bn.

AM Best recorded 2022 US E&S direct written premium at just under $100bn in another year of strong growth.

Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.

The move to gear up for a listing follows a non-deal roadshow held over the summer.

Insurance's GWP decline was driven by a couple of programs that were underperforming, while reinsurance's deceleration was driven by a deliberate slowdown in the mortgage book.

Net income increased to $219mn over the period, up from $48mn in the same period last year, while underwriting income increased by 33% to $208mn.

In her expanded role, she will work with trading partners to represent Aspen in the US for all business segments and build out existing distribution strategies.

The executive joins from Crum and Forster, with 20 years’ cyber experience.

Tartaglia will focus on driving process, data and systems excellence to support Aspen’s commercial and business strategy.

John Welch left his role as CEO of domestic markets at Axa XL Re last year in a leadership reshuffle.