Aspen Insurance Holdings Limited, which has seen a number of key departures in recent months, is offering $2 million (around SG$2.7 million) to group chief financial officer Scott Kirk to keep him within the firm.
In the retention letter seen by Insurance Business, the insurer said it was making the move “in light of the prevailing market conditions” and in order to recognize those “who contribute significantly to Aspen and who play an integral role in Aspen’s future.” The company recently lost its CEOs for both Aspen Insurance and Aspen Re to QBE Re and AIG, respectively.
Signed by group chief executive Christopher O’Kane, the letter outlines the terms and conditions of the retention award, which is scheduled to be paid on January 01, 2020 on top of Kirk’s current compensation package.
To receive the incentive, the CFO must remain employed and continue to “satisfactorily perform” his duties. This includes not having resigned or provided notice of resignation from his post prior to the payment date.
“We have the right to deduct or withhold, or require you to remit to us or our subsidiaries, an amount sufficient to satisfy any tax withholding requirements applicable to the award,” wrote O’Kane, who also took the opportunity to express his gratitude for Kirk’s “considerable efforts and continued commitment to Aspen.”
The letter was attached as an exhibit to an Aspen Form 8-K filing with the US Securities and Exchange Commission.