Ascot
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The deal follows a decision to withdraw from some direct Irish business. -
The perishable cargo specialist led coverage for the global distribution of Covid-19 vaccines.
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The move follows the establishment of safe corridors through a treaty signed by Russia and Ukraine.
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Three weeks past what was billed as the final bid deadline, the PE house and owner CPPIB are still engaged in work to get a transaction to the finish line.
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The executive has worked for the company in London, New York and Dublin.
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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 move is part of a wider Ascot strategy that will see the imminent launch of an MGA platform headed up by David Leathem.
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The MGA’s gross written premium now surpasses $650mn.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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Although the syndicate’s loss ratio improved, it booked an investment loss for 2021.
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NDAs have been sent out to global insurance groups and heavyweight PE firms, it is understood.
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Former head of D&F at Geo Specialty David Leathem and his colleagues first joined the Ardonagh-backed MGA in 2017 to establish its international property book.
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