Ascot enters alternative risk sector

Bermuda-based re/insurer Ascot is planning to expand its alternative risk solutions segment with the hiring of the former  head of AXA's North American alternative risk unit. 

Ascot said it plans to build a portfolio focused on captive solutions and front opportunities, spearheaded by Mark Benz as executive vice president, head of alternative risk solutions. Benz will be based in the New York City area, reporting to Matt Kramer, CEO, Ascot US.

The company said Benz will build and lead a portfolio focused on captive solutions and fronting opportunities and will identify target capabilities for future growth in alternative risk transfer solutions. The alternative risk solutions group will consist of new alternative risk capabilities as they are developed, as well as the company’s existing captives and trade credit business units.

“Ascot is committed to investing in, and responding to, the needs of this dynamic market in support of our mission, to be a perfect partner for a less-than-perfect world,” said Kramer.

“Mark brings with him more than two decades of industry expertise and has the tools and knowledge needed to lead the growth and development of nimble, creative solutions for our clients whose risks are not a fit for the traditional commercial insurance market.”

Benz said: “Non-traditional risk management solutions will continue to grow in popularity as companies look for flexible ways to address their risk challenges.

"I look forward to developing solutions at Ascot that both position the company to capitalise on this significant market opportunity and support the evolving needs of our clients.”

Benz previously built out AXA's group captive practice while leading their North American Alternative Risk Structures, overseeing all group captive underwriting and compliance across various product lines within North America.

Prior to joining AXA, Mark spent 16 years at AIG in roles of increasing responsibility, most recently working as Head of AIG captive solutions.

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