Ascot

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

The appointments follow the retirement of CEO Andrew Brooks and the consequent resignation of former directors on the Lloyd’s board.

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.

The next destination of the underwriter is not known and comes following a change in Ascot’s leadership.

The syndicate’s net loss ratio in 2022 was 60.3%, an increase of 4.7 percentage points from 55.6% the prior year.

The in-coming CEO must ensure a smooth transition, land the “London-out strategy” started by Brooks, and handle CPPIB’s exit.

Jonathan Zaffino joined Ascot in 2020 and was responsible for running the carrier’s (re)insurance platforms in the US and Bermuda.

The executive has spent almost 50 years in the sector.

It is understood that Ascot will continue to write worldwide retro business.

Even without the uncertainty of an imminent takeover, the path ahead will not be easy for Ascot.

Management are now likely to focus on growing the business given the turn in market conditions, rather than rebooting the process immediately, sources said.