Ascot launches third-party capital platform

Ascot Group has bolstered its third-party capital business with the launch of a unified capital management platform, Leadline Capital Partners. 

The company will use the platform to enable its institutional investor partners to provide collateralised reinsurance for its global property portfolio through a Bermuda special purpose insurer.

The company said the developments represent an important evolution in Ascot’s capital partnership business, building off of a four-year track record of strong returns, with ceded gross premiums in excess of $225 million to date.

“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 managing principal for third-party capital. “We are very pleased to announce the latest collaboration as we expand this business.”

Justin Keith, Ascot Bermuda president and CEO, added: “We look forward to the continued expansion of our alternative capital business under Leadline Capital Partners. 

"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.

Ascot has also plucked an Aon executive to strengthen its US excess casualty team.

Derek Aurori has been appointed vice president of excess casualty for the Northeast region.

Aurori will join the team led by Erin Osborne, senior vice president, head of excess casualty, who was promoted to lead the business after joining the company as vice president of excess casualty, Northeast, in January.

He joins the company from Aon where he spent almost 10 years growing from associate broker, broker, assistant vice president and most recently vice president.

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.