Ascot mulls $400m capital raise to tap new growth opportunities
Bermuda domiciled specialist re/insurer Ascot is looking to raise $400 million through an issuance of senior notes to take advantage of the growth opportunities across all of its key markets.
Ascot has priced its offering of $400 million aggregate principal amount of 4.25 percent senior notes due 2030.
The notes have a 10-year maturity and a fixed-rate coupon of 4.25 percent payable semi-annually.
The offering is expected to close on December 15, 2020, subject to satisfaction of customary closing conditions.
Joe Roberts, Ascot group chief financial officer, said: “Ascot is pleased to see growth opportunities in all of our key insurance markets. This debt raise provides us with the financial flexibility to pursue these opportunities and to continue to support our clients’ growing (re)insurance needs.
"This new debt capital diversifies our capital base and introduces new investors to the Ascot journey. We’re delighted by the investor support of this inaugural issuance, and we look forward to continuing on our mission of operating a preeminent specialty risk assumption organisation.”
