Bermuda-based re/insurance firm Ascot has created a management liability and financial institutions group in the US.
The new group is expected to be launched in the first quarter of next year. All its products will written on Ascot Insurance U.S.’s A.M. Best ‘A’ rated paper.
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It will offer a wide array of admitted as well as non-admitted, primary and excess D&O and FI products, the company said.
The focus of the D&O products will be on the wholesale channel, while a data driven automated technology platform will be used to distribute the FI products to brokers.
Concurrently, the company has appointed Ryan Becker to lead the newly formed group as executive vice president.
Becker, who has nearly 25 years of experience, will helm the group from the company Atlanta office.
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By GlobalDataBesides, Kenny Li has been hired as senior vice president and head of financial institutions.
Li will lead the FI product portfolio and will be based in New York.
Ascot Insurance U.S. president & CEO Greg Wolyniec said: “Continuing the string of successful new business launches this year in Ascot Insurance U.S., we are excited to launch these new and much needed D&O and FI products to our brokers and clients.
“As with our other lines of business, we will continue to invest in best-in-class underwriting talent under Ryan’s leadership as we grow this group to match the sizeable market opportunity.”
In February this year, Ascot, in collaboration with specialty insurer Beazley, introduced a cargo consortium that uses insurtech solutions to help manage risk and claims performance.
