Bermuda-based specialty insurance coverage firm Ascot Group has obtained a minority funding from personal holding firm BellTower Companions.
Via this funding, Ascot goals to bolster its sources and assist its progress plans.
BellTower Companions upsized its personal financing of Ascot Group on account of robust demand from traders, the corporate assertion learn.
Monetary specifics of the transaction weren’t shared.
Ascot Group CEO and president Jonathan Zaffino stated: “BellTower’s minority funding permits Ascot to completely capitalise on the increasing alternative throughout the worldwide specialty reinsurance market whereas including to our monetary flexibility in assist of our progress aspirations.
“This partnership represents not only a monetary funding in our future, however a shared dedication to advancing the distinctive and differentiated enterprise technique of Ascot Group, furthering our mission to be an ideal accomplice for a less-than-perfect world.”
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CPP Investments, which manages the property of the Canada Pension Plan, retains a big majority possession place in Ascot Group following the transaction’s closure.
BellTower founder and CEO Kewsong Lee will take up the function of chairman of Ascot’s board of administrators.
Lee succeeds Neill Currie, who will proceed his involvement with the corporate as an unbiased director.
Lee stated: “BellTower is worked up to accomplice with CPP Investments and Ascot’s proficient administration and workforce as we deal with driving enticing returns on capital and robust progress.
“The upsized funding including contemporary capability to Ascot’s platform passed off amid complicated market and business situations reinforcing the arrogance within the firm’s energy and promise for its shoppers, workers and traders.”
