jonathan-zaffino-group-president-ascot
Jonathan Zaffino, group president, Ascot
8 July 2021Insurance

Ascot mulls strategic entry into US surety market via acquisition

Bermuda-based global specialty re/insurance  Ascot Group is entering the US contract and commercial surety market with the acquisition of a  Skyward Specialty-owned insurance carrier.

Ascot Insurance Company, a member of the Ascot Group, has reached a definitive agreement to acquire Boston Indemnity Company (BIC) from Great Midwest Insurance Company (GMIC), a subsidiary of Skyward Specialty Insurance Group.

BIC is domiciled in South Dakota and licensed in 46 states and the District of Columbia.

The acquisition is intended to facilitate Ascot’s entry into the US surety market and does not involve the transfer of any of BIC’s business or employees. Skyward Specialty’s Surety business will continue to be written by GMIC.

Upon completion of the transaction, BIC will become Ascot’s third US insurance carrier, and Ascot intends it to be renamed ' Ascot Surety & Casualty Company'. The completion of the deal is subject to regulatory approval and other customary closing conditions.

Jonathan Zaffino, Ascot Group president, said: “The acquisition of BIC represents the first step in Ascot’s strategic entry into the U.S. surety market, a highly specialized field that fits perfectly with our underwriting principles and strategy to deepen our financial lines product portfolio.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
20 April 2022   Propeller operates as an MGA, focused on the surety and fidelity bond market.
Insurance
10 December 2021   Canada’s CPP Investments is seeking to sell its major insurance assets, suggests reports.
Insurance
22 October 2021   He will lead Ascot’s FI strategy with a focus on expanding the range of products offered throughout the US.