Ascot Group Ltd., the Bermuda-based global specialty insurance company, announced the launch of a unified capital management platform, Leadline Capital Partners, to support their expanded third-party capital business.
Under this newly formed platform, Ascot has also announced that the company has entered into a partnership with institutional investors to provide collateralized reinsurance for its global property portfolio through a Bermuda special purpose insurer.
These developments represent an important evolution in Ascot’s capital partnership business, building from a four-year track record of strong returns, with ceded gross premiums in excess of $225 million to date, Ascot said in a statement.
“Through Leadline Capital Partners, we are drawing on Ascot’s heritage of excellent underwriting and creative risk solutions to provide attractive and innovative offerings to third party capital,” said Charles Craigs, Ascot Group’s managing principal for Third-Party Capital. “We are very pleased to announce the latest collaboration as we expand this business.”
“We look forward to the continued expansion of our alternative capital business under Leadline Capital Partners,” according to Justin Keith, president and CEO of Ascot Bermuda Ltd. “This business represents the best of all worlds for Ascot and its stakeholders: incremental capacity delivered to our insured and reinsured clients, an attractive risk-adjusted return profile to a leading capital partner, and the continued opportunity for the company to deliver its world-class capabilities to both clients and investors.”
Aon Securities LLC acted as sole structuring agent and placement agent for the capital partnership transaction with Willkie Farr & Gallagher LLP providing principal legal counsel.
Founded in 2001, Ascot provides a broad range of property and casualty products to customers worldwide through its Lloyd’s and Bermuda market platforms. In the United States, Ascot provides specialized insurance products to small and mid-sized businesses as well as offering underwriting services to high-quality carrier and syndicate partners through its MGU, Ethos Specialty.
Ascot Group is owned by CPP Investments, a global investment management organization that invests the assets of the Canada Pension Plan.
Source: Ascot Group
Topics New Markets
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