Ascot has signed an agreement to acquire Boston Indemnity Company (BIC) from Great Midwest Insurance Company (GMIC), a subsidiary of Skyward Specialty Insurance Group.
The financial terms of the deal were not disclosed.
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Domiciled in South Dakota, the US treasury-listed BIC is licensed in 46 states and the District of Columbia.
With the latest acquisition, Ascot will foray into the US contract and commercial surety market.
Ascot noted that the deal does not involve the transfer of BIC’s business operations or employees.
The insurer plans to rebrand BIC as Ascot Surety & Casualty Company. BIC will be Ascot’s third US insurance carrier.
GMIC will continue writing Skyward Specialty’s surety business.
Ascot Group president Jonathan Zaffino 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.”
In 2018, Ascot Group established a US division dubbed, Ascot Insurance US.
In May this year, Ascot and Argo agreed to offer a combined capacity of $40m to Tierra Underwriting to provide credit insurance in support of green project finance transactions.
