Zaffino takes charge of Ascot immediately; long-time CEO steps back

Re/insurer  Ascot has appointed a new group chief executive officer effective immediately, replacing its long-time CEO Andrew Brooks, as it looks to capitalise on the opportunities ahead in its next phase of growth.

Ascot’s board of directors has decided on Jonathan Zaffino (pictured) as its new group president and CEO following the retirement of Brooks. Zaffino will also join the board of directors. Meanwhile, Brooks has agreed to continue to serve as a director on Ascot’s board.

Currently group president at Ascot, Zaffino joined the organisation in 2020. During his time, he was responsible for the group’s US and Bermuda insurance and reinsurance platforms. Prior to joining Ascot, Zaffino held a number of executive and management positions at leading underwriting and brokerage organisations.

“Management and the Board have worked together over the years to ensure we had a strong succession plan in place, and we’re pleased to be able to promote from within for the CEO role. On behalf of the Board of Directors, I’d like to congratulate Jon on this well-deserved appointment and look forward to working with him and Ascot’s management to continue Ascot’s success as one of the world’s pre-eminent specialty insurance and reinsurance organizations,” said Neill Currie, executive chairman.

“We’d also like to extend our gratitude to Andrew Brooks.” Currie added. “He joined the company at its inception and has led the organisation with distinction. He has been critical to the firm’s success, overseeing the growth of Ascot from a Lloyd’s of London business to a global platform with operations in the US and Bermuda. He has also been a hugely influential figure in the London insurance industry, currently serving as Chairman of the Lloyd’s Market Association and member of the Boards of the Council of Lloyd’s and London Market Group. We look forward to continuing to work with him in an advisory capacity as he remains on the Board of Directors.”

Zaffino said: “I’m honoured to take on the role of CEO at Ascot and build upon the strong foundations established under Andrew’s leadership, and I look forward to continuing to work with him in his capacity as a Board Director. I also look forward to partnering with the Board, Management and the entire Ascot team to further execute on the great success of the company. The future of the business is very bright, and I believe we have the right strategy, culture and colleagues across the globe to deliver leading solutions and capabilities to our clients.”

Brooks commented: “I’ve had the privilege of seeing the growth and success of Ascot since I joined the company in 2001 and am incredibly proud of the strength of the business, and the excellent team we have built at Ascot. I feel that now is the right time for me to take a step back. I am confident that the company is in the best position possible under Jon’s stewardship, which was an important factor in his joining Ascot nearly three years ago. I know that with his leadership, alongside the continued and unwavering support of CPP Investments, Ascot is ready to capitalise on the opportunities ahead. I look forward to continuing to contribute to growth of the company as a member of the Board.”

Sam Blaichman, managing director, Direct Private Equity at CPP Investments, said: “The team at CPP Investments would like to express our deep gratitude to Andrew for his work over the past twenty years to grow the business. Moving forward with Jon at the helm, the company is well positioned for the future, and we remain firmly committed to the business as it enters its next chapter of growth.”

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