Ascot

Cat bond funds continue to draw interest as private ILS more challenged.

The subject business of the deal is Ascot’s ~$1bn property portfolio.

The unit will support Ascot’s third-party capital business.

Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.

It is understood that Ascot will continue to write worldwide retro business.

Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.

The executive will oversee management liability, healthcare and casualty/specialty reinsurance.

Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.

Lloyd’s hopes to give institutional investors greater access to non-catastrophe risk.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

Incumbent Ethos CEO Rory Cline becomes executive underwriting officer for all of Ascot’s North America business.

Former Everest Insurance CEO Jonathan Zaffino will lead the carrier’s US and Bermuda operations.