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Aspen US Insurance forms new Surety insurance unit

Aspen US Insurance has formed its new Surety insurance unit, and appointed Michael Toppi, executive vice president of Aspen US Insurance to lead the initiative.

Based in Connecticut , the new Surety team will adopt a niche approach to the market, with a focus on public and private commercial and non construction surety, said the company.

Toppi will join Aspen from Travelers Bond & Financial Products. His career in the surety business spans over 23 years with both Travelers where he began in 1987, and The Hartford Insurance Group.

Joining Toppi will be Mathew Raino, vice president for commercial surety, and Ryan Field, assistant vice president for commercial surety.

Raino will also join from Aspen from Travelers Bond & Financial Products where his responsibilities included production, underwriting and portfolio management for the Southern Region of the US with a particular focus on the energy and municipal solid waste industries.

Field is a specialist in commercial surety and he will join Aspen from Travelers Bond & Financial Products, where he was responsible for underwriting and portfolio management in the southern region of the US with a focus on the mining & mineral Industry.

Prior to insurance sector, Field worked in the wholesale mortgage division at Deutsche Bank.

Aspen Insurance co-CEO John Cavoores said that the formation of this business is another step in the development of Aspen’s US specialty insurance operations.

Cavoores said entering this particular market segment is consistent with Aspen’s strategy of selective diversification in businesses that have historically produced great results.