Stephen Postlewhite is to join QBE’s reinsurance business as deputy global chief underwriting officer.

Postlewhite was most recently Aspen’s insurance CEO but he left the carrier in January just hours after the Bermudian said it was expecting to post a $245mn underwriting loss for the fourth quarter.

The executive bagged a severance package totalling £766,756 ($1.04mn) when he left Aspen.

In addition to the headline sum, he also walked away with a further £85,500 as part of an annual incentive award up to his official departure date of 30 April.

Postlewhite headed up Aspen Re for nearly two years from August 2010 and had only been appointed chief of the insurance operation in May 2016, according to his LinkedIn profile.

He was with the company for over 15 years after joining from his previous role at the UK’s now-revamped regulatory body the Financial Services Authority, where he was formerly a non-life actuary.

Postlewhite will join QBE Re on 1 November and report to Jonathan Parry, chief underwriting officer for reinsurance.

“I am delighted that Stephen is joining QBE Re,” Parry said.

“He brings considerable experience to this key role and will be an important addition to our business,” he added.

This is the latest senior hire at the reinsurance arm of the Australian giant.

Last month David Cary joined the carrier from Swiss Re to head up its Bermuda office.