Ascot
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The global specialty player is also exploring ILS offerings across specialty and cat bonds. -
The vehicle will support Ascot’s casualty business in the US and Bermuda.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
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Cat bond funds continue to draw interest as private ILS more challenged.
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The subject business of the deal is Ascot’s ~$1bn property portfolio.
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The unit will support Ascot’s third-party capital business.
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Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.
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It is understood that Ascot will continue to write worldwide retro business.
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Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.
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Lloyd’s hopes to give institutional investors greater access to non-catastrophe risk.
