Ascot
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The underwriter spent more than two decades at Ascot, holding several roles in the property, political violence and marine hull teams. -
Andrew Moulton becomes executive underwriter for marine, and Jessica Pearson is now cargo class underwriter.
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The next destination of the underwriter is not known and comes following a change in Ascot’s leadership.
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The syndicate’s net loss ratio in 2022 was 60.3%, an increase of 4.7 percentage points from 55.6% the prior year.
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The in-coming CEO must ensure a smooth transition, land the “London-out strategy” started by Brooks, and handle CPPIB’s exit.
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Jonathan Zaffino joined Ascot in 2020 and was responsible for running the carrier’s (re)insurance platforms in the US and Bermuda.
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It is understood that Ascot will continue to write worldwide retro business.
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Even without the uncertainty of an imminent takeover, the path ahead will not be easy for Ascot.
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Management are now likely to focus on growing the business given the turn in market conditions, rather than rebooting the process immediately, sources said.
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Plus the latest executive moves and all the top stories of the week.
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The two sides have been in bilateral discussions since June, with a view to CPPIB achieving liquidity on its investment.
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