Ascot begins US marine insurance division
Bermudian-based Ascot Group, the global specialty re/insurer, has launched a new US Marine Insurance structure under the leadership of Tom Nasso, its executive vice-president.
The company said that the new insurance division will combine Ascot’s US Ocean Marine portfolio and US Inland Marine capabilities into a newly aligned underwriting unit.
The new grouping will promote underwriting and claims synergies to benefit clients while ensuring a thoughtful and consistent view to the market across the range of marine exposures underwritten by this team, Ascot said.
The new structure will continue to provide traditional marine and associated maritime property solutions through retail and wholesale brokers across the United States.
Through its global ecosystem, Ascot said, it provides marine insurance to a range of organisations from small domestic operators to global shipping organisations through underwriting teams in the US, Bermuda and at Lloyd’s.
Mr Nasso joined Ascot in 2018 with two decades in the industry spanning brokerage and underwriting leadership positions at various specialty insurance organisations.
In this new role, he will continue to report to Matt Kramer, CEO, US Insurance.
Mr Kramer said: “I am delighted Tom will be taking on this new position with the remit of aligning our US marine insurance solutions under his leadership.
“Tom is a well-respected leader within Ascot, and of course within the overall marine market, with a well-earned reputation for underwriting excellence and service to his clients.
“I am confident this new structure will allow us to increase our relevance to our brokers and clients by offering a broad range of marine insurance solutions on our A-rated paper.”
Mr Nasso said: “I am incredibly excited to lead this newly formed marine division. By combining our ocean and inland marine insurance solutions within the US, Ascot will be able to provide a broader risk offering to our valued clients.
“The combined effect on claims, underwriting, service and distribution will ensure our offerings remain market leading.
“I look forward to working with our talented underwriting teams to ensure we continue to provide the creativity and services our insureds and distribution partners have come to expect from Ascot.”