Berger to lead new Ascot Re

Ascot Group has launched Bermuda-based Ascot Reinsurance after getting approval from the Bermuda Monetary Authority (BMA).

John Berger has now been appointed CEO of Ascot Re (pending immigration approval) and will take up his new post in January 2018. The company said that Berger is extremely experienced, having served as the principal executive officer at F&G Re, Chubb Re, Harbour Point and most recently, Third Point Re.

In addition Ascot Re has received an injection of $1 billion of funds and has been given an “A” rating by AM Best reflecting the strength of its capital base, Ascot’s historic performance and access to long-term capital through Ascot Group’s ultimate owner alongside management, Canada Pension Plan Investment Board (CPPIB).

Andrew Brooks, Ascot Group CEO commented “Ascot Re is an important development in the growth of the Ascot Group and the culmination of a long held strategy to strengthen Ascot’s global footprint by building a (re)insurance company in a key marketplace”.

The executive chairman of Ascot Group, Neill Currie said “Through Ascot Re, we look forward to becoming a leading reinsurer in the Bermuda market, which will enhance our ability to build meaningful long term relationships with brokers and their clients, and positions us well to service any demand for new cover.”

Andrew Brooks and Neill Currie commented “We are delighted that John has accepted the leadership role at Ascot Re, an appointment that will add significantly to the strength of the existing Ascot Group team in Bermuda. His exceptional market knowledge, experience and reputation within our industry will play a huge role in building out the platform we aspire to.”

John Berger said: “I have known and admired the Ascot team for a long time. I am very excited about joining the Group and building out the Bermuda operation.”