Contingent on regulatory clearance, Andrew Dyer is expected to take up the new role in the company in November. Credit: Aspen Insurance Holdings Limited.

Bermuda-based Aspen Insurance has named Andrew Dyer as its new chief risk officer (CRO) for its UK business.

Contingent on regulatory clearance, Dyer is expected to take up the new role in the company in November and will be based in London.

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He will report to Aspen UK CEO Richard Milner with a matrix line into the company’s CRO Jenny Kane.

In the new role, Dyer will be responsible for ensuring that the UK business remains organised around a strong risk agenda.

He will also be responsible for ensuring that proper regulations and risk controls are deployed within the business.

Dyer’s most recent position was as the London markets division head for Prudential Regulation Authority (PRA).

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During his tenure at PRA, he also managed Lloyd’s (Society and Managing Agents) and wholesale company markets.

Commenting on the new development, Milner said: “Andrew’s appointment demonstrates the importance we place in maintaining strong risk management and governance arrangements and our commitment to continuing to build strong and open relationships with our regulators.

“Andrew’s deep understanding of the regulatory environment and impressive network within the insurance industry will be invaluable as we continue to build Aspen’s strong reputation in the market”.

Kane said: “Our Lloyd’s Syndicate and UK business are a key part of Aspen’s vision to become a top quartile (re)insurer and deliver value to stakeholders and investors, so I’m delighted that we were able to attract such a high profile and talented chief risk officer.”

Aspen Insurance recently posted a 352% rise in net income to $219m for the first half of 2023 from $48.4m in the year-ago half.