Bermuda-based specialty insurance company Ascot Group has received a minority investment from private holding company BellTower Partners.
Through this investment, Ascot aims to bolster its resources and support its growth plans.
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BellTower Partners upsized its private financing of Ascot Group due to strong demand from investors, the company statement read.
Financial specifics of the transaction were not shared.
Ascot Group CEO and president Jonathan Zaffino said: “BellTower’s minority investment enables Ascot to fully capitalise on the expanding opportunity across the global specialty reinsurance market while adding to our financial flexibility in support of our growth aspirations.
“This partnership represents not just a financial investment in our future, but a shared commitment to advancing the unique and differentiated business strategy of Ascot Group, furthering our mission to be a perfect partner for a less-than-perfect world.”
CPP Investments, which manages the assets of the Canada Pension Plan, retains a significant majority ownership position in Ascot Group following the transaction’s closure.
BellTower founder and CEO Kewsong Lee will take up the role of chairman of Ascot’s board of directors.
Lee succeeds Neill Currie, who will continue his involvement with the company as an independent director.
Lee said: “BellTower is excited to partner with CPP Investments and Ascot’s talented management and team as we focus on driving attractive returns on capital and strong growth.
“The upsized investment adding fresh capacity to Ascot’s platform took place amid complex market and industry conditions reinforcing the confidence in the company’s power and promise for its clients, employees and investors.”
