CPPIB links with management to buy Ascot for $1.1bn

Canada Pension Plan Investment Board (CPPIB) has linked with the management of Lloyd’s specialty insurer Ascot Underwriting to buy the insurer from AIG for $1.1bn. The insurer will continue to operate as a standalone business and will retain its entire senior management team, which is led by CEO Andrew Brooks. AIG will receive about $240m in cash proceeds, reflecting its 20% stake in the business and ownership of a related unit in the deal. The $1.1bn also includes a recapitalization of an entity by the buyer, according to AIG.

Ascot Underwriting provides marine hull an liabilities cover. Its underwriters in the sector are Andrew Moulton and Paul Simpson. Its liabilities cover includes: Protection and Indemnity (vessel liabilities for ship owners); Charterers liability; Pollution (including US “Brown Water” tug, barge, offshore supply and fishing vessels); Ports and terminals, shipyard, terminal and port authority liabilities. Its cargo sector covers sea, air and overland. Its underwriters are Claire Sackett and Gavin Wall. Its energy sector focuses on upstream oil and gas, including Physical Damage; Business Interruption; Control of Well, and Third Party Liability. Ascot also offers  specie and fine art insurance, including General Specie, Jewellers’ Block, Cash in transit and Fine Art. Gary Tredgett is executive underwriter and James Macnaughton is underwriter.