Ascot revises 2018 plan to anticipate steep growth in GWP
Ascot has revised its 2018 business plan to anticipate an increase in gross written premium of 23 percent against its original 2018 Plan – because of expected rate increases following heavy cat losses in the third quarter of this year.
The company noted that the magnitude of the losses incurred in the third quarter coming in addition to an already stressed industry P&L, are expected to drive a change in market conditions that will strengthen in 2018 as the true scale of these losses begin to manifest themselves.
The plan has been approved by Lloyd’s on this basis.
Andrew Brooks, Ascot’s CEO, said: “We are delighted that our revised business plan submitted to Lloyd’s for 2018 has secured approval. Together with strong and committed support from Canada Pension Plan Investment Board, our Corporate Investor, this robust Plan will enable us to continue to proactively service the needs of our Brokers and their Clients.”
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