Ascot taps Nationwide’s FI leader to expand financial lines business

Bermuda-based global specialty re/insurance Ascot Group has hired Nationwide's financial institutions (FI) leader to expand its financial lines business throughout the US.

Peter Trochev has been appointed as senior vice president and head of FI. He will lead Ascot’s FI strategy with a focus on expanding the range of products offered throughout the US.

Ascot’s FI portfolio includes management and professional liability products for asset managers, investment advisors and financial institutions of various sizes. He will also be responsible for developing new products, while continuing to build a high caliber team to serve a broader segment of the FI industry. Based in New York, Trochev will report to Matthew Kramer, CEO of Ascot US.

Trochev joins Ascot from Nationwide, where he has been since 2008, most recently as leader for the financial institutions and Fidelity divisions, overseeing management and professional liability products across the country. He graduated from the Leonard N. Stern School of Business at New York University.

Ascot said Trochev’s experience and expertise will complement its financial lines underwriting segment, which currently includes management liability, cyber/E&O, lawyers professional liability, trade credit and surety. The addition of Trochev demonstrates Ascot’s commitment to building a premier financial lines practice to address the demands of a dynamic marketplace.

Matt Kramer said: “I’m delighted to welcome Peter to Ascot as the leader of our Financial Institutions practice. We continue to add underwriting talent across our organization, who bring to us the technical depth and expertise to offer leading products to our valued broking partners. Peter’s track record and significant experience in managing and thoughtfully expanding FI business throughout the U.S. will significantly advance our Financial Institutions portfolio and I look forward to partnering with him in delivering new initiatives for our clients.”

Trochev commented: “As an underwriter, it’s an honor to join a company like Ascot which places underwriting at the very center of its culture. I know that the FI market has a need for risk solutions that utilize excellent capital strength alongside a first-rate claims service. Working alongside Matt, and the other talented colleagues, we at Ascot are well positioned to offer these solutions to financial institutions.”