Ascot sets sights on US contract & commercial surety market with acquisition

Ascot Group has fixed its sights on the US contract and commercial surety market with the acquisition of Boston Indemnity Company (BIC).

Ascot Insurance Company has reached a definitive agreement to acquire BIC from Great Midwest Insurance Company (GMIC), a subsidiary of Skyward Specialty Insurance Group. The acquisition does not involve the transfer of any of BIC’s business or employees. Skyward Specialty’s Surety business will continue to be written by GMIC.

BIC will become Ascot’s third US insurance carrier, and Ascot intends to rename the business to Ascot Surety & Casualty Company. The completion of the deal is subject to regulatory approval and other customary closing conditions.

BIC is domiciled in South Dakota and licensed in 46 states and the District of Columbia.

Jonathan Zaffino, Ascot Group president, said: “The acquisition of BIC represents the first step in Ascot’s strategic entry into the U.S. surety market, a highly specialized field that fits perfectly with our underwriting principles and strategy to deepen our financial lines product portfolio.”