Bermudian-based Aspen Insurance has snapped up a Puerto Rico specialist marine insurer.

The move to acquire Blue Waters Insurers is designed to support the continued expansion of Aspen’s global marine business by opening up new markets in Puerto Rico and the Caribbean.

David Cohen, president and chief underwriting officer at Aspen Insurance, said: “Blue Waters has an excellent reputation and is a recognised industry leader in the Puerto Rick marine market, reflecting the intellectual capital, technical and deep marine risk engineering expertise within the company.

“It is a successful business with strong prospects and is an excellent fit with our marine business in the US as it adds local, technical expertise to support Aspen Insurance’s expansion by delivering localised service to a new geography.”

Blue Waters president Eugenio Rosas will continue in his role, reporting to Patrick Hickey, executive vice-president and head of US marine at Aspen Insurance, part of Aspen Insurance Holdings.

Mr Rosas said: “Blue Waters is committed to building long-term relationships with our marine customers and insurance agents in Puerto Rick and the Caribbean.

“That commitment will continue as part of Aspen Insurance and we look forward to developing the business further and leveraging the expertise and experience of Aspen Insurance.

“This is the start of an exciting future for Blue Waters as a part of a global company.”