Bermuda-based global specialty insurance group Ascot has received a minority investment from BellTower Partners LLC, a private holding company that invests permanent capital to acquire significant and influential ownership positions in private businesses.
BellTower reportedly upsized its private financing of Ascot due to strong demand from its investors.
The firm noted that all the proceeds from the investment will be utilised by Ascot to help expand its resources and support strategic plans.
Kewsong Lee, the Founder and CEO of BellTower, will also assume the role of Chairman of Ascot’s Board of Directors. He succeeds Neill Currie who will continue to serve on the Board as an Independent Director.
Canada Pension Plan Investment Board (CPP Investments), maintains the significant majority ownership position in Ascot following the close of the transaction.
Jonathan Zaffino, Group Chief Executive Officer and President of Ascot, commented, “BellTower’s minority investment enables Ascot to fully capitalize on the expanding opportunity across the global specialty (re)insurance market while adding to our financial flexibility in support of our growth aspirations.
“This partnership represents not just a financial investment in our future, but a shared commitment to advancing the unique and differentiated business strategy of Ascot Group, furthering our mission to be a perfect partner for a less-than-perfect world.”
Kewsong Lee himself added, “BellTower is excited to partner with CPP Investments and Ascot’s talented management and team as we focus on driving attractive returns on capital and strong growth.
“The upsized investment adding fresh capacity to Ascot’s platform took place amid complex market and industry conditions reinforcing the confidence in the Company’s power and promise for its clients, employees and investors.”
