Ascot Group Limited, the Bermuda-based global specialty insurance company (“Ascot” or “the company”), today announced that Kewsong Lee, the Founder and CEO of BellTower Partners (“BellTower”), will be appointed Chairman of the Ascot Board of Directors. Mr. Lee will succeed Neill Currie, Ascot’s Executive Chairman, who will assume the role of Independent Director.
Mr. Lee possesses more than three decades of strategic and organizational experience cultivated from years of leading a diverse array of large, complex global organizations.
Most recently, Mr. Lee founded BellTower, a private holding company that accesses and invests permanent capital in private companies. His experience in the insurance industry began with his active involvement and board memberships at RenaissanceRe Holdings and Arch Capital, on whose board he served as lead director. While serving as Chief Executive Officer of The Carlyle Group from 2018 through 2022, Mr. Lee initiated and oversaw the firm’s successful strategy to acquire and expand Fortitude Re.
In connection with Mr. Lee’s appointment, BellTower is making a minority investment in Ascot to help expand the company’s resources and support its strategic growth plans. Terms of the transaction were not disclosed.
Canada Pension Plan Investment Board (“CPP Investments”), a global investment management organization that manages the assets of the Canada Pension Plan, will continue to maintain the significant majority ownership position in Ascot following the close of the transaction.
Jonathan Zaffino, Group President and Chief Executive Officer of Ascot, said, “On behalf of the Board of Directors, I’d like to welcome Kew to the Ascot Board. Kew’s appointment as Chairman complements the existing skillsets represented on our Board, and we look forward to benefitting from his additional guidance as a proven leader with a track record of success in the financial and insurance industry. As Ascot continues to scale its global platform and expand its ecosystem of talented underwriters, we are confident that Kew’s contributions and unique skills will be highly accretive to Ascot as we continue on the company’s growth trajectory.”
Sam Blaichman, Managing Director, CPP Investments and Ascot Board Director, said, “We look forward to working with Kew and BellTower in this next chapter in Ascot’s growth journey, as the management team continues to develop solutions to help clients navigate today’s challenging risk landscape. I’d also like to take this opportunity to thank Neill for his many valuable contributions as Executive Chairman over many years.”
Mr. Lee said, “As a global participant in the insurance and reinsurance industries, Ascot is consistently achieving strong results, and I look forward to working with Jonathan and his talented team to continue scaling the business as we focus on long-term, sustainable growth and return on capital. BellTower believes there is tremendous opportunity ahead for Ascot, and I am excited to partner with CPP Investments and management to help drive significant value creation.”
“Since Ascot’s founding in 2001, the company has made significant progress towards achieving its mission of offering a wide range of specialty insurance products responsibly and thoughtfully,” said Mr. Currie. “On a personal note, having known Kew for over 30 years, since the formation of RenaissanceRe in 1993, I am certain that having an executive of his caliber join the Board will position the business for continued success as we build on the strong momentum that our talented management team has set in motion.”
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