Ascot

The broker’s hiring to date has focused on the specialty segment.

The treaty underwriter is set to run an MGA within the group.

The executive said claims can be a differentiator in a softening market.

The vehicle will support Ascot’s casualty business in the US and Bermuda.

Plus, the latest people moves and all the top news of the week.

Goldman will join Ascot next month to take on the newly created role.

The appointments are pending regulatory approval.

The CEO said Ascot would deploy capital where it sees opportunities.

Plus, the latest people moves and all the top news of the week.

He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.

The syndicate achieved a profit despite a “relatively heavy” catastrophe year.

Ascot Underwriting CEO Ian Thompson, who took the helm last summer, discussed emerging headwinds.

The carrier has undertaken work to give it “optionality” for a public listing, but has no plans to list in the short term.

Jack Gardner and Tom Kirwan remain in post at Ascot.

A significant amount of new capacity has flowed into the political violence and terror market in recent months.

The hull market is currently experiencing high levels of competition.

Based in Ascot’s London office, he will develop and lead claims strategies.

He replaces Neill Currie, who will assume the role of independent director.

The underwriting units produced revenue of $11mn in the year to 30 June.

The unit will support Ascot’s third-party capital business.

Michael Sevi served as general counsel and chief compliance officer at Guy Carpenter.

Ex Ascot colleagues Gavin Wall, Chris McGill, Matthew Eve and Parth Patel are reuniting at the new unit.

Thompson takes over as Ascot Underwriting CEO from Group CEO Zaffino.

The carrier also appointed Pugi head of Bermuda excess casualty.

Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.

The syndicate’s GWP reached £1.44bn in 2023, a 7% increase on 2022.

The business will be led by Alex Kirkby, new head of marine and energy.

The CEO emphasised that while trading conditions are favourable for the specialty segment, the company would make the decision to go public based on its own merit rather than market timing.

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.

Plus the latest executive moves and all the top stories of the week.

The two sides have been in bilateral discussions since June, with a view to CPPIB achieving liquidity on its investment.

The insurer resumed underwriting on the grain corridor after Russia announced it would resume participation in a UN shipping agreement.

The insurer is hopeful it can recommence quoting once it has clarity on the situation in the Black Sea.

The entrepreneur will help shape and execute the strategic direction for the algorithmic underwriting specialist.

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.

The move follows the establishment of safe corridors through a treaty signed by Russia and Ukraine.

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.

The executive has worked for the company in London, New York and Dublin.

Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.

The move is part of a wider Ascot strategy that will see the imminent launch of an MGA platform headed up by David Leathem.

The MGA’s gross written premium now surpasses $650mn.

The executive will oversee management liability, healthcare and casualty/specialty reinsurance.

Although the syndicate’s loss ratio improved, it booked an investment loss for 2021.

NDAs have been sent out to global insurance groups and heavyweight PE firms, it is understood.

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.

The appointment comes after marine liability underwriter Ellie Barr resigned to join Convex.

The unwinding of the pandemic, inflation and specialty pricing are set to be some of the areas of focus for the market.

Evercore has been retained to advise the vast Canadian pension fund on its efforts to divest the specialty carrier.

The Bermuda-based executive ran a global book of business including cyber, mortgage impairment, surety, wildfire liability, terrorism, and nuclear among others.

Private equity and trade sales look challenging, which could point to an IPO if CPPIB heads for the door.

The resignation of Michael O’Connor comes amid several recent departures from Ascot.

An Ascot-led consortium will be launched at Lloyd’s, offering a variety of space cover.

Amelie Keeble-Buckle and Ellie Barr are set to join the Stephen Catlin-led carrier.

Ascot has appointed Mitch McBain as senior vice president and head of management liability in Bermuda.

The nature of the hire demonstrates the level of competition for top talent in the sector.

“When you deploy property aggregate, the return you need on that is meaningful in light of the risk that you’re assuming,” Zaffino said Thursday. “I’m not sure if a plus mid-single digit [rate increase] gets you there in light of the [loss activity] we’re looking at.”

Plus the latest senior executive moves and all the top news from the week.

Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.

The SiriusPoint-backed business will focus on complex risks, such as IPOs, life science and SPACs.

Rates are beginning to taper in cargo as new capacity enters and staff displacement continues to be high.