A former leading executive with Validus has been appointed president of Bermudian-based Aspen Insurance Holdings Limited.

Jonathan Ritz has taken on the role with immediate effect. He was formerly the chief executive officer of Validus’s US insurance operations, and also served as chief operating officer of Validus Holdings Ltd. He has been in the insurance and reinsurance industry for more than 25 years.

In the newly created role, he will report to Mark Cloutier, executive chairman and group CEO.

Mr Cloutier said: “I am very pleased that we have been able to attract such a proven and experienced leader as Jonathan to this important role.

“His impressive track record and reputation, together with his extensive expertise across the sector, and in a range of disciplines, will add further considerable strength to our senior leadership team.

“In his role as group president, Jonathan will be joining the group executive committee and group underwriting committee, and will be working very closely with me as we continue to refine and build upon our strategies to make Aspen a recognised leader in the area of specialty risk transfer through the combination of our insurance, reinsurance, and capital market capabilities.”

While Mr Ritz, said: “I am delighted to be joining Aspen at such an exciting time in the company’s development. Under Mark’s leadership and Apollo’s ownership, the business is refocusing on its core strengths and I very much look forward to playing a part in its future success.”