Ascot Group, the specialist global insurance and reinsurance underwriter owned by CPP Investments, the investment arm of the Canada Pension Plan, has announced the launch of Ascot Reinsurance (Ascot Re) as it looks to consolidate its reinsurance underwriting operations.
Ascot Reinsurance will provide the group with a global platform dedicated to reinsurance underwriting and client focused ceded risk solutions, the company said today.
Ascot Re will be a “single point of entry” for all of the Ascot Group’s reinsurance products and capabilities, regardless of geography, the company continued.
The focus will be on providing enhanced client services, making use of the Groups’ differentiated technical knowledge, underwriting capabilities across a wide range of Treaty and Facultative solutions, and claims capabilities, all supported by the Group’s A Rated balance sheet.
Ascot Re will house all of the existing reinsurance products delivered by Ascot’s global entities, with products still provided through the existing Ascot companies, Syndicate 1414 at Lloyd’s, Ascot Bermuda Limited, and certain U.S. statutory companies.
Mark Pepper, Group Chief Underwriting Officer will lead Ascot Re, with executive oversight from Andrew Brooks, Group CEO, and Jonathan Zaffino, Group President.
Rory Cline will be President of Ascot Re U.S., providing facultative (FAC) solutions across the United States, including Property, led by Libby Ismail, Casualty, under Tony Kashuba and Professional Liability, under Steve Robinson.
In the Lloyd’s market, Ascot Re will provide Property & Casualty Treaty underwriting led by Amanda Jeffrey and John Pilkington respectively.
In the Bermuda market, Ian Thompson, Bermuda CEO, will oversee treaty operations across Property and Casualty & Specialty lines, led by Simon Kimberley and Justin Keith.
Ascot Group’s Bermuda arm is also where the firms alternative reinsurance capital vehicles and activities in the insurance-linked securities (ILS) market are managed.
Mark Pepper commented on the launch of Ascot Re, “Reinsurance underwriting has been at the very heart of Ascot throughout our twenty-year history, and the launch of Ascot Re allows us to work even more closely with our brokers to ensure we provide the right solution for clients, regardless of where it sits within our ecosystem.
“This enhanced offering coincides with a thoughtful expansion of our reinsurance solutions, including the addition of Tony Kashuba and Steve Robinson in the U.S. to develop our Casualty and Professional Lines FAC capabilities, and the new remit for Rory Cline to oversee our wider U.S. reinsurance operation. I look forward to offering brokers a single point of entry for all their reinsurance underwriting, claims and service requirements.”
Jonathan Zaffino also stated, “This new alignment of our global reinsurance capabilities is in direct response to requests from our clients in seeking broader reinsurance solutions from the Ascot Group. Ascot Re will allow us to deliver the firm’s deep technical knowledge and multiple underwriting capabilities, backed by the Group’s unique financial strength.
“This single alignment, under Mark’s leadership, will help us provide tighter internal cohesion, and the delivery of exceptional product and services to our reinsurance brokers and clients. I’m excited by the launch of Ascot Re and look forward to working closely with Mark and our team to deliver a refreshing and new offering to the reinsurance market.”