The chairman of Aspen Re is to retire from the company at the end of April.

Brian Boornazian will also retire from his role as chief executive of Aspen Re, Americas.

Chris O’Kane, group CEO, thanked Mr Boornazian for his 14 years of service with Aspen. He said: “Under his leadership and with his sharp focus on execution, we have grown our reinsurance business significantly and enhanced our highly respected position in our chosen markets.

“He has also made a significant contribution to our executive management capabilities and I know that I speak for everyone at Aspen in wishing him every success in the future.

“We have an outstanding team at Aspen Re under the leadership of Thomas Lillelund and Emil Issavi and are well positioned to sustain the longstanding success of the business moving forward.”

Mr Lillelund, CEO of Aspen Re, added: “I would like to add my thanks to Brian for his valuable advice and wise counsel as we worked together closely to grow our reinsurance business over the last few years.”

Mr Boornazian’s role as chairman of Aspen Re and CEO of Aspen Re, Americas, will not be replaced. Mr Issavi will continue to lead Aspen’s reinsurance business in the Americas in his capacity as president and chief underwriting officer of Aspen Re.

Mr Boornazian, who joined Aspen from XL Re America, said: “I am immensely proud of what we have achieved during my time at Aspen and to see our reinsurance segment develop into the outstanding business that it is today. I would like to thank my colleagues and friends within Aspen for their huge support over many years and to wish them much success in the future.”

He served as CEO of Aspen Re from January 2010 to August 2012 and president of Aspen Re from June 2008 to January 2010.