Ascot builds up US platform
Bermudian-based Ascot Group Ltd has acquired two parts of Greyhawk Insurance in run-off with the aim of increasing its access to the US insurance market.
The group's US subsidiary, Ascot US Holding Corporation, will acquire Greyhawk Insurance Company and its wholly owned subsidiary Greyhawk Specialty Insurance Company.
“The Greyhawk companies will expand Ascot's US platform and provide increased access to the US insurance markets,” Ascot said.
Greyhawk Insurance is domiciled in Colorado and admitted lines insurer that has been in run-off since 2006. Greyhawk Specialty is a dormant Rhode Island-domiciled excess and surplus lines insurance company.
Ascot will acquire licences for underwriting different lines of business in many US states through the acquisition.