Brit Ltd has revealed that executive chairman Mark Cloutier is stepping down at the end of the year, and shone light on where the industry veteran is heading.
“Following his departure, Mark will take up a role with an affiliate of Apollo Global Management, LLC, working as a consultant with an immediate focus on the previously announced proposed acquisition of Aspen Insurance Holdings Limited by investment funds managed by affiliates of Apollo Global Management, with a view to assuming the role of chairman and CEO of Aspen following completion of the transaction,” announced the global specialty (re)insurer.
Cloutier, who has over four decades of experience, became Brit’s executive chair in 2017 after serving as chief executive from 2011.
“Mark has played a pivotal role in Brit’s recent history, driving the establishment of Brit as a top-quartile Lloyd’s insurer and leading the business through its return to the public markets and subsequent acquisition by Fairfax,” commented Brit CEO Matthew Wilson. “The high esteem with which Mark is held across the business is testament to what he has achieved at the highest levels in our industry.
“Both on behalf of the board and personally, I would like to thank Mark for his leadership, wise counsel, and, most importantly, friendship and wish him the very best in the next stage of his career.”
Meanwhile the outgoing executive chair is confident that he is leaving “an outstanding team and market- leading business” under “very capable” leadership.
“The combination of Brit’s many strengths with the resources, support, and values of the Fairfax group puts the company in a terrific position to grow and succeed well into the future,” said Cloutier. “I will always owe a debt of gratitude to, and will be a good friend and supporter of, Matthew Wilson and the Brit team as well as [Fairfax chair and CEO] Prem Watsa and the entire Fairfax organisation.”
