Ascot swoops on WTW and Argo for key leadership roles

Re/insurer  Ascot has hired Willis Towers Watson’s D&O broker to head up its management liability business in the Bermudian primary insurance market, as well as rival Argo’s US chief financial officer (CFO) to help improve its finance function.

Mitch McBain (pictured left) has joined Ascot Bermuda as senior vice president, head of management liability, and Will Chen (pictured right) as CFO of its US business.

McBain will assume responsibility for the underwriting and management of Ascot’s professional and management liability insurance portfolios in Bermuda, with remit to expand the group’s professional lines presence, collaborating closely with teams across the US and at Lloyd’s.

He joins from Willis Towers Watson where he was head of UK & international for Finex directors and officers (D&O). He has held several underwriting and broking roles in professional lines, starting off at Willis before transitioning to underwriting with Liberty Insurance and Axis Capital. Based in Bermuda, McBain will report to Ian Thompson, chief executive officer (CEO) of Bermuda.

Ascot currently provides a range of excess insurance solutions across casualty, professional lines, and healthcare within the Bermuda market, complementing the leading P&C reinsurance presence Ascot has maintained on the island since 2016.

Chen will have primary authority and oversight for the finance function at Ascot’s US businesses which includes Ascot Specialty Insurance and wholly owned MGU Ethos Specialty. Chen’s role will include responsibility for the US financial strategy as well as capital management, tax, FP&A and related operational processes, systems, and controls. He will report into group CFO Joe Roberts.

With over 25 years in the insurance sector, Chen has held a number of senior financial roles including at AIG, Arthur J Gallagher (AJG) and Zurich. Most recently, he served as US CFO at Argo Group, overseeing the finance department within their domestic US specialty business.

Thompson said: “I’m delighted to welcome Mitch to Ascot as we expand our presence in the Bermudian primary insurance market. Ascot is a meaningful presence on the island, offering a suite of solutions across all major product lines in both insurance and reinsurance. I know that under Mitch’s stewardship, we’ll continue to enhance our professional lines capabilities across the Ascot ecosystem – offering clients and broking partners tailored coverage in the U.S., Bermuda and through Lloyd’s.”

McBain added: “I’m thrilled to join Ascot at this exciting time in its growth journey. Our presence in the management liability market, with ecosystem capabilities, allows us to offer a range of solutions according to client needs. I know that we are an attractive risk partner for professional solutions and look forward to collaborating with colleagues across the Group as we enhance our client offering and depth of coverage.”

Roberts commented: “Will is a recognised insurance practitioner with technical proficiency, leadership and management skills to help enhance our finance function across our rapidly growing U.S. businesses. I know he’ll be a valuable addition to our Company with his strong financial, accounting and strategic skills. I look forward to working closely with Will, knowing that his experience and assistance will help ensure our global finance organization pursues its key priorities and strategies.”

Chen added: “I’m thrilled to join Ascot at this pivotal phase of the Company’s development. The unique mission, purpose and strategic vision that Ascot has makes our Company a compelling growth proposition. I look forward to collaborating with Joe, Jon Zaffino and all the talented colleagues across the Company as we continue to promote the Ascot Way and expand our presence in North America.”

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