Ascot Re launches with $1bn funding and former Third Point Re CEO
Bermuda-based Ascot Group has launched its reinsurance division, Ascot Re, following approval from the Bermuda Monetary Authority (BMA).
Spearheading this division as its CEO is John Berger, the former CEO of Third Point Re.
Ascot Re has received an additional injection of $1 billion of funds from owner Canada Pension Plan Investment Board (CPPIB). The reinsurer has been given an “A” rating by AM Best.
Berger's appointment is pending immigration approval in January 2018. He has previously served as the principal executive officer at F&G Re, Chubb Re, Harbour Point and most recently, Third Point Re. Berger stepped down as Third Point Re CEO in February, while continuing as chairman of the board until the end of the term in December 2017.
Andrew Brooks, Ascot Group CEO, commented: "Ascot Re is an important development in the growth of the Ascot Group and the culmination of a long held strategy to strengthen Ascot’s global footprint by building a re/insurance company in a key marketplace."
Neill Currie, executive chairman of Ascot Group, said: "Through Ascot Re, we look forward to becoming a leading reinsurer in the Bermuda market, which will enhance our ability to build meaningful long term relationships with brokers and their clients, and positions us well to service any demand for new cover."
"We are delighted that John has accepted the leadership role at Ascot Re, an appointment that will add significantly to the strength of the existing Ascot Group team in Bermuda. His exceptional market knowledge, experience and reputation within our industry will play a huge role in building out the platform we aspire to."
Berger commented: "I have known and admired the Ascot team for a long time. I am very excited about joining the Group and building out the Bermuda operation."
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