Ascot has launched its new Bermuda reinsurance division, Ascot Re, appointing former Third Point Re CEO John Berger to lead the operation.
The Canada Pension Plan Investment Board (CPPIB), which acquired Ascot in a $1.1bn deal last year, has injected $1bn of capital into the new reinsurer. Ascot Re has received an A rating from AM Best reflecting the insurer's historic performance, the strength of its capital base and access to capital through the CPPIB.
Berger will join Ascot Re as CEO in January 2018 pending immigration approval, having stepped down as CEO of Third Point Re February. He will continue his role as chairman of the board at the total reinsurer until December.
Prior to Third Point Re, Berger held principal executive roles are the likes of Harbour Point, Chubb and F&G Re.
Ascot CEO Andrew Brooks, 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."
Neill Currie, executive chairman of Ascot Group added: "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."
"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."