In what it describes as a sign of its “strong capital position,” Ascot Group Limited has announced the launch of a new reinsurance firm.
Known as Ascot Reinsurance Company Limited (or Ascot Re for short), the firm has received an injection of US$1 billion of funds and picked up an “A” rating from AM Best. Andrew Brooks, Ascot Group CEO, believes that the firm will be boosted by long-term capital through its ultimate owner, the Canada Pension Plan Investment Board.
“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,” he said.
In addition, the firm has announced the appointment of John Berger as CEO of Ascot Re pending immigration approval. He will take up his role in January, 2018, and boasts experience at the likes of Harbour Point, F&G Re,
Chubb Re, and, most recently, Third Point Re.
“We are delighted that John has accepted the leadership role at Ascot Re, an appointment that will add significantly to the… existing Ascot Group team in Bermuda,” added Brooks. “His exceptional market knowledge, experience and reputation within our industry will play a huge role in building out the platform we aspire to.”
“I have known and admired the Ascot team for a long time,” Berger noted. “I am very excited about joining the Group and building out the Bermuda operation.”
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