Lloyd’s insurer Ascot Underwriting Ltd. announced that it has increased its capacity from £600 million [$958 million] to £650 million [$1.038 billion] “to support its 2011 business plan.”
Andrew Brooks, CEO of Ascot Underwriting explained: “Market conditions are changing, providing Ascot with opportunities, particularly in the reinsurance sector. We have increased our capacity for the remainder of 2011 to allow us to maximise these opportunities and expand our business where appropriate.”
Ascot established Syndicate 1414 in 2001. It is backed by AIG, and has grown quickly. The Syndicate writes coverage for “Property, Energy, Specie & Fine Art, Cargo, Terrorism, War & Political Risks, Marine Hull/War/Liabilities, Natural Resources and Excess of Loss Reinsurance. Ascot leads in most of these classes and leads over 40 percent of the slips we write.”
Source: Ascot Underwriting
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