A $2 million retention award will be paid to Aspen Insurance Holdings’ chief financial officer if he stays with the company until January 1, 2020.

Scott Kirk joined the Bermudian-based insurer in 2007 and became group CFO in December 2014. Details of the retention award, in the form of a letter from Aspen’s chief executive officer Chris O’Kane, were filed with the US Securities and Exchange Commission on Monday.

Mr O’Kane wrote: “In light of the prevailing market conditions, Aspen would like to recognise a small number of key employees who contribute significantly to Aspen and who play an integral role in Aspen’s future.”

Mr Kirk was selected for the award, in addition to his current compensation package. He will qualify for the award if he continues to satisfactorily perform his employment duties and remain employed with Aspen and have not resigned or given notice of resignation before the payment date of January 1, 2020.

Aspen has been the subject of takeover speculation this year, but has stated it does not comment on rumours. During the second quarter, the company made a loss of $14.7 million.