Former Carlyle CEO becomes Ascot chair

Ascot Group has named the former chief executive officer of investment company Carlyle as its new chairman. 

Kewsong Lee's investment firm Belltower Partners will also make a minority investment in Ascot to support the Bermuda-based company's strategic growth plans. 

Lee succeeds Neill Currie, Ascot's executive chairman, who will become an independent director. 

Lee was CEO of Carlyle from 2018 to 2022, during which time he led the firm's strategy to acquire and expand Bermuda-based life and P&C re/insurer Fortitude Re. Earlier in his career at Warburg Pincus, he drove significant investments in RenaissanceRe and Arch Capital, and served on the boards of both Bermuda-based companies. 

Ascot said BellTower, which Lee founded and which accesses and invests permanent capital in private companies, is making a minority investment in Ascot to help expand the company's resources and support its strategic growth plans. Terms of the transaction were not disclosed.

Canada Pension Plan Investment Board, which manages the assets of the Canada Pension Plan, will continue to maintain its significant majority ownership position in Ascot following the close of the transaction.

Jonathan Zaffino, group president and chief executive officer of Ascot, said: "On behalf of the board of directors, I'd like to welcome Kew to the Ascot board. Kew's appointment as chairman complements the existing skillsets represented on our board, and we look forward to benefiting from his additional guidance as a proven leader with a track record of success in the financial and insurance industry. 

"As Ascot continues to scale its global platform and expand its ecosystem of talented underwriters, we are confident that Kew's contributions and unique skills will be highly accretive to Ascot as we continue on the company's growth trajectory."

Sam Blaichman, managing director, CPP Investments and Ascot director, added: "We look forward to working with Kew and BellTower in this next chapter in Ascot's growth journey, as the management team continues to develop solutions to help clients navigate today's challenging risk landscape. I'd also like to take this opportunity to thank Neill for his many valuable contributions as Executive Chairman over many years."

Lee said: "As a global participant in the insurance and reinsurance industries, Ascot is consistently achieving strong results, and I look forward to working with Jonathan and his talented team to continue scaling the business as we focus on long-term, sustainable growth and return on capital. BellTower believes there is tremendous opportunity ahead for Ascot, and I am excited to partner with CPP Investments and management to help drive significant value creation."

"Since Ascot's founding in 2001, the company has made significant progress towards achieving its mission of offering a wide range of specialty insurance products responsibly and thoughtfully," said Currie. "On a personal note, having known Kew for over 30 years, since the formation of RenaissanceRe in 1993, I am certain that having an executive of his calibre join the Board will position the business for continued success as we build on the strong momentum that our talented management team has set in motion."

Lee is also the chair of Lincoln Center Theater, director of Lincoln Center for the Performing Arts, and vice chair for the Partnership for New York City. He also is a strategic advisor for FCLT Global. He has served as a director of companies such as TransDigm, Neiman Marcus and Aramark.

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