Ascot Group Ltd. has launched Ascot Reinsurance Co. Ltd., after receiving approval from the Bermuda Monetary Authority (BMA).
Ascot Re has received an additional injection of $1 billion of funds and has been given an “A” rating by A.M. Best, reflecting the strength of its capital base, Ascot’s historic performance and access to long-term capital through Ascot Group’s ultimate owner alongside management, Canada Pension Plan Investment Board (CPPIB), said Bermuda-based Ascot Group Ltd. in a statement.
“Ascot Re is an important development in the growth of the Ascot Group and the culmination of a long-held strategy to strengthen Ascot’s global footprint by building a re/insurance company in a key marketplace,” commented Andrew Brooks, Ascot Group’s CEO.
“Through Ascot Re, we look forward to becoming a leading reinsurer in the Bermuda market, which will enhance our ability to build meaningful long-term relationships with brokers and their clients, and positions us well to service any demand for new cover,” said Neill Currie, executive chairman of Ascot Group.
Ascot Group announced the appointment of John Berger as CEO of Ascot Re (pending immigration approval) in January 2018. Berger brings a wealth of experience to the role, having served as the principal executive officer at F&G Re, Chubb Re, Harbour Point and, most recently, as CEO of Third Point Re.
Ascot Group is CPPIB’s global property & casualty platform through which it continues to invest capital to support growth and strategic initiatives that expand Ascot’s plans to build on its long-term relationships with clients, said the company, noting that reinsurance capacity provided by Ascot Re will also enhance the leadership and servicing of business already established within the Ascot Group.
Source: Ascot Group Ltd.
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