Ascot and American International Group, Inc. (AIG) has announced the opening of a new Bermuda-based reinsurance platform in a move expected to help AIG deploy its existing reinsurance capacity in a more focused way.
Ascot Underwriting (Bermuda) Limited (AUB) will serve as managing general agent of AIG-Ascot Re, which will begin writing assumed reinsurance business on January 1, 2015 for and on behalf of American International Reinsurance Company Ltd. (AIRCO), a wholly-owned subsidiary of AIG, notes a statement Thursday from Ascot and AIG.
“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,” John Q. Doyle, CEO of AIG’s Global Commercial Insurance, says in the statement.
“AIG-Ascot Re combines Ascot’s expertise and market reputation with the financial strength and backing of AIG,” says Andrew Brooks, CEO of Ascot Underwriting Ltd. “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 program,” Brooks adds.
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.