Business Context and Reporting Period
This Form 8-K Current Report was filed by Aspen Insurance Holdings Limited on February 7, 2007. The filing discloses the entry into a material definitive agreement regarding executive compensation approved by the Compensation Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide consolidated financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
| Executive Officer | 2007 Salary (Effective April 1, 2007) | 2006 Bonus |
|---|---|---|
| Christopher O'Kane (CEO) | $814,902 | $1,106,100 |
| Julian Cusack (CFO) | $470,767 | $450,000 |
| Stuart Sinclair (COO) | $763,971 | $387,135 |
| Brian Boornazian (Head of Reinsurance) | $440,000 | $725,000 |
| James Few (Head of Property Reinsurance) | $440,000 | $675,000 |
Note: Certain salary and bonus amounts were originally denominated in British Pounds and converted to U.S. dollars using specific exchange rates provided in the filing.
Material Changes
The primary material change reported is the approval of salary increases and bonus compensation for five Named Executive Officers. These decisions were based on a review of personal performance and the Company's performance over the past year. The salary increases are effective as of April 1, 2007.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, outlook, or specific risk factors. Management commentary is limited to the rationale for the compensation decisions. The Company intends to provide additional details regarding the compensation awarded for the year ended December 31, 2006, in its subsequent annual report on Form 10-K.
Investor Verification Checklist
- Verify the exact exchange rates used for converting British Pounds to U.S. dollars for the 2006 bonus and 2007 salary figures.
- Review the upcoming Form 10-K for the full breakdown of compensation for the year ended December 31, 2006.
- Confirm the effective date of the salary increases (April 1, 2007) against the company's fiscal calendar.
- Note that Stuart Sinclair's bonus includes a guaranteed component of £210,000 as per his employment agreement.