Ascot US Holding has reached an agreement to acquire Greyhawk Insurance Company and its wholly owned subsidiary Greyhawk Specialty Insurance Company for an undisclosed.

The acquiring entity, which operates as a US subsidiary of Bermuda-based insurance and reinsurance company Ascot Group, made the acquisition as part of its strategy to expand its footprint in the US insurance market.

Greyhawk Insurance is a Colorado domiciled admitted lines insurer which has been placed under runoff since 2006.

Its wholly owned subsidiary Greyhawk Specialty is an excess and surplus lines insurance company based in Rhode Island.

The acquisition is subjected to receipt of regulatory approvals.

Ascot Group operates through three divisions: Ascot Underwriting, Ascot Reinsurance Company, and Ethos Specialty Services. The group is owned by the Canadian Pension Plan Investment Board.

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