Bermuda-domiciled specialty re/insurer Ascot reached an agreement to acquire Boston Indemnity Company (BIC) from Great Midwest Insurance Company (GMIC), a subsidiary of Skyward Specialty Insurance Group.
The acquisition has been described as an attempt to facilitate Ascot’s entry into the US contract and commercial surety market.
It has also been stated that this deal does not involve the transfer of any of BIC’s business or employees.
Once finalised, BIC will become Ascot’s third US insurance carrier and is exected to be renamed “Ascot Surety & Casualty Company.”
Skyward Specialty’s Surety business will continue to be written by GMIC.
“The acquisition of BIC represents the first step in Ascot’s strategic entry into the U.S. surety market, a highly specialized field that fits perfectly with our underwriting principles and strategy to deepen our financial lines product portfolio,” said Jonathan Zaffino, Ascot Group President.
