Certain investment funds affiliated with private equity group Apollo Global Management has wrapped up the previously announced acquisition of Bermudian insurer Aspen for $2.6bn.

First announced in August last year, the Aspen deal concluded after securing the required regulatory approvals. The deal was approved Aspen’s shareholders in December last year.

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The acquired firm provides reinsurance and insurance services through offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the UAE, the UK and the US.

It managed $12.9bn in assets for the year ended December 2017.

The Aspen deals means it is now wholly-owned by the Apollo Funds.

Effective immediately, Glyn Jones has stepped down as chairman of Aspen’s Board, while Chris O’Kane has stepped down as group CEO and as a director of Aspen.

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Mark Cloutier has been named as executive chairman of Aspen’s board and group CEO with immediate effect.

Along with Glyn Jones and Chris O’Kane, other executives including Albert Beer, Matthew Botein, Gary Gregg, Heidi Hutter, Karl Mayr, Bret Pearlman, and Ron Pressman have also ceased to be directors on the Aspen Board with immediate effect.

Both John Cavoores and Gordon Ireland will remain on the Aspen Board and as directors. They will be joined on the Board by Mark Cloutier, Josh Black, Alex Humphreys, Gernot Lohr, Gary Parr and Michael Saffer.

Apollo partner Alex Humphreys said: “We are excited for our funds to be acquiring Aspen as it embarks on the next chapter of its development. We are delighted to be working with Mark again following our successful investment together in Brit Insurance.

“Mark has a long and successful track-record in the insurance sector and we believe he is ideally placed to lead Aspen through a period of transition to substantially improved profitability. We look forward to working with him and Aspen’s talented management team to drive value creation over the coming years.”