New reinsurance platform chooses Bermuda

Two of the biggest names in re/insurance have joined forces to form a new reinsurance hub on Bermuda.

Reinsurance platform AIG-Ascot Re is the result of a partnership between American International Group (AIG) and Ascot Underwriting.

Ascot Underwriting (Bermuda) (AUB) will serve as the managing general agent for the platform, which will begin writing assumed reinsurance business for AIG’s subsidiary American International Reinsurance Company on January 1, 2015.

Simon Kimberley, formerly an underwriter with Ascot’s London treaty team, has transferred to AUB and will begin writing business for the platform in Bermuda.

Andrew Brooks, chief executive officer (CEO) of Ascot Underwriting, said: “AIG-Ascot Re combines Ascot’s expertise and market reputation with the financial strength and backing of AIG. The operation will complement Ascot’s Lloyd’s syndicate, providing clients with a broader scope of strong capacity and solutions for all facets of their catastrophe programme.”

John Doyle, CEO of AIG’s global commercial insurance, added: “This is an excellent opportunity for AIG to deploy its existing reinsurance capacity in a more focused way and establish a greater presence in the dynamic reinsurance markets in Bermuda. AIG already enjoys a strong relationship with Ascot and benefits from its long-standing expertise, brand and relationships.”