Aspen gives $10m transaction bonus to ex-CEO O’Kane post Apollo takeover

Aspen has granted a $10 million bonus to its former chief executive officer Christopher O’Kane and $1 million to group chief financial officer Scott Kirk for assisting the Bermuda-based re/insurer with its $2.6 billion merger deal.

Aspen's acquisition by alternative investment manager Apollo closed earlier this week (Feb. 18) following receipt of regulatory approvals.

O’Kane announced his departure in October 2018 suggesting that the senior management remain while he is being replaced with Mark Cloutier when Apollo takes control.

In a Form 8-K filing with the US Securities and Exchange Commission, Aspen said that it has "approved the grant of transaction bonuses" payable to certain executive officers of the company.

"Aspen Insurance Holdings Limited would like to recognise a small number of key employees who have contributed significantly to the successful completion of the merger of Aspen with an affiliate of certain investment funds managed by affiliates of Apollo Global Management," O’Kane told Kirk in the transaction bonus letter. "I am pleased to confirm that you have been selected to receive an award in the amount of $1,000,000 (the Transaction Bonus”) in addition to your current compensation package, which will be paid to you at the time and on the terms and conditions set forth in this letter deed."

Earlier in August 2018, the Bermuda re/insurer awarded Kirk with a retention award to the tune of $2 million.

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