Bermuda-domiciled global specialty re/insurer Ascot Group has priced the offering of $350 million aggregate principal amount of 6.349% fixed-rate reset senior notes due in 2035, as the carrier looks to be more financially flexible.
The senior notes have a 10-year maturity and are rated investment grade, including BBB- by S&P Global Ratings, BBB+ by Fitch Ratings, and bbb+ by AM Best.
The re/insurer intends to use the net proceeds for general corporate purposes.
The offering is expected to close on May 16th, 2025, subject to the satisfaction of customary closing conditions.
The Bermuda Monetary Authority has approved the offering to qualify as Tier 3 Ancillary Capital under the Bermuda Insurance Group Supervision Rules 2011.
Jonathan Zaffino, Chief Executive Officer and President, Ascot Group, commented, “To fuel long-term profitable growth, we continue to identify avenues to diversify Ascot’s capital base and attract new investors through traditional and non-traditional capital-raising opportunities.
“This Senior Notes transaction is the latest in a series of strategic moves undertaken by the company over the past 24 months aimed to further strengthen Ascot’s balance sheet and provide greater financial flexibility to the organisation.
“In this time of unprecedented volatility, Ascot is highly capitalised and will be able to quickly deploy our capital where – and when – we see opportunities across the global specialty market. This financing reinforces our momentum and resilience in a dynamic marketplace, and with our enhanced capital base and resilient balance sheet, is expected to position us well for future success.”
The offering has not been and will not be registered under the Securities Act of 1933, which means it will not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The senior notes are being sold to “qualified institutional buyers” under Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions following the Regulation S under the Securities Act.
