Ascot Group, the specialist global insurance and reinsurance underwriter owned by CPP Investments, the investment arm of the Canada Pension Plan, has promoted Ian Thompson to become its Chief Executive Officer in Bermuda, to replace John Berger who retires from the role this month.
Ascot Group’s Bermuda arm underwrites insurance or reinsurance across a number of market segments and is also where the companies alternative reinsurance capital vehicles and activities are managed.
As CEO of Ascot Bermuda, Thompson will take over leadership of all of Ascot’s activities in Bermuda, including its specialty insurance, reinsurance and alternative capital capabilities.
Thompson’s promotion comes as John Berger is departing at the beginning of this month, retiring from the role after three years establishing Ascot’s presence in Bermuda. Berger will continue to advise and provide consultation to Ascot.
Thompson will report to Jonathan Zaffino, Group President of Ascot.
He joined the company in 2017 as Head of Casualty & Specialty, subsequently being promoted to Executive Vice President and Chief Underwriting Officer, Casualty & Specialty in 2020.
Before he joined Ascot, Thompson spent almost a decade at Hiscox Re in Bermuda as Head of Casualty & Specialty.
Before moving to Bermuda, Thompson worked at Catlin in London leading its Healthcare and Professional Lines practice.
Ascot Group President Zaffino commented, “Ian’s been instrumental in our efforts to thoughtfully expand our Bermuda operations, which now includes leading solutions across several major insurance and reinsurance classes. The impressive evolution of our capabilities and growing portfolio over the past few years is testament to the work of our talented colleagues on the island. Ian is an excellent choice to now take the helm and oversee all of our underwriting capabilities as we continue to push our unique risk, tech and client-centric approach and deliver superior long-term risk adjusted returns.
“I also want to take the opportunity to extend my sincere gratitude to John Berger for all he has done for Ascot. He’s had an impactful role in developing our Bermuda business and I wish him a very happy retirement after a storied reinsurance career. We look forward to his continued advice and counsel in his new advisory capacity.”
Thompson added, “It’s a great privilege to succeed John Berger as Chief Executive at one of Bermuda’s leading (re)insurance businesses. Since joining in 2017, we’ve worked hard to develop a wide offering of solutions for our clients, focusing on superior underwriting underpinned by world class service and infrastructure. Our strong ratings, and enhanced corporate and strategic depth across Ascot, puts us in an excellent position to continue on our journey of growth and profitability. I look forward to working closely with Jon and the excellent team here in Bermuda in pursuit of our goals.”