BellTower Partners LLC, a private holding company specializing in acquiring ownership stakes in private businesses, announced the completion of a minority investment in Bermuda-based Ascot Group Limited, a global specialty insurance provider.
BellTower, which invests permanent capital, opted to increase the size of its private financing in Ascot in response to investor demand.
Proceeds from BellTower’s investment will support Ascot’s growth initiatives, which include resource expansion and other strategic plans.
Canada Pension Plan Investment Board (CPP Investments) retains its majority ownership in Ascot following the close of the transaction. CPP Investments, a global management organization responsible for the assets of the Canada Pension Plan, maintains a substantial presence in Ascot, continuing its influence over the company’s strategic direction.
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As part of the financing, BellTower Founder and CEO Kewsong Lee is now Chairman of Ascot’s Board of Directors, succeeding Neill Currie, who will remain on the board as an independent director.
Lee described BellTower’s new partnership with CPP Investments and Ascot as an opportunity to support growth and deliver strong returns on capital, expressing confidence in Ascot’s future prospects despite a challenging market landscape.
“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,” said Lee.
Read more: Ex-Carlyle chief Lee to chair Ascot Group
Jonathan Zaffino, Ascot’s Group CEO and president, commented that BellTower’s minority stake will allow the company to take advantage of expanding opportunities within the specialty insurance and reinsurance markets. He indicated that the additional financing will help increase Ascot’s financial flexibility in pursuing its growth ambitions.
“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," said Zaffino.
Founded over two decades ago, Ascot Group operates as a global insurance, reinsurance, and underwriting services group, with an insurance product portfolio that caters to diverse needs.
BellTower Partners, a private investment firm, collaborates with management teams in private companies to build value over the long term.
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