Ascot Group has launched reinsurance division Ascot Re, with a $1 billion seed capital injection, after receiving approval from the Bermuda Monetary Authority (BMA).
The reinsurer has an “A” rating by A.M. Best reflecting the strength of its $1 billion capital base, Ascot’s performance, and its access to long-term funding through the Ascot Group’s owner, Canada Pension Plan Investment Board (CPPIB).
Andrew Brooks, Ascot Group CEO, said; “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.”
Executive Chairman of Ascot Group, Neill Currie added; “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.”
John Berger has been appointed CEO of Ascot Re, pending immigration approval, with effect from January 2018.
He joins from a role as principal executive officer at Third Point Re and brings extensive reinsurance leadership experience from roles with F&G Re, Chubb Re and Harbour Point.
Currie said Berger’s “exceptional market knowledge, experience and reputation within our industry will play a huge role in building out the platform we aspire to.”
Ascot Group is CPPIB’s global property &casualty platform, the launch of the reinsurance division is a strategic initiative to enhance the leadership and servicing of already established business within the Ascot Group.
Berger commented on his appointment; “I have known and admired the Ascot team for a long time. I am very excited about joining the Group and building out the Bermuda operation.”
The launch of the Ascot Re division means Ascot can expand into reinsurance with the safe backing of a pension fund while improving its opportunities to back up its own insurance products.
The Canada Pension Plan Investment Board (CPPIB) acquired Ascot from insurer AIG in late 2016, as detailed in our listing of re/insurance M&A deals.
