Ascot Group Limited, a Bermuda headquartered insurance and reinsurance firm, is to acquire two U.S. insurance entities from Greyhawk Insurance as it looks to expand its access to the U.S. insurance market.
Ascot is acquiring the two insurance entities through a U.S. subsidiary, Ascot US Holding Corporation which will acquire both Greyhawk Insurance Company and its wholly owned subsidiary Greyhawk Specialty Insurance Company.
Greyhawk Insurance is a Colorado domiciled admitted lines insurer that has been in runoff since 2006. While Greyhawk Specialty is a dormant Rhode Island domiciled Excess & Surplus lines insurance company.
Ascot will look to utilise the two vehicles as new underwriting arms dedicated to a U.S. expansion, we understand. So by acquiring the two vehicles Ascot can inherit the multi-state licenses for underwriting different classes of insurance business, providing a platform for U.S. growth.
The company explained that, “The Greyhawk companies will expand Ascot’s U.S. platform and provide increased access to the U.S. insurance markets.”
