NEW YORK--(BUSINESS WIRE)--BellTower Partners LLC ("BellTower"), a private holding company that accesses and invests permanent capital to acquire significant and influential ownership positions in private companies, today announced the close of its minority investment in Ascot Group Limited ("Ascot" or “the Company"), the Bermuda-based global specialty insurance company.
BellTower upsized its private financing of Ascot due to strong demand from investors. All the proceeds from the investment will be utilized by Ascot to help expand resources and support strategic 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, continues to maintain the significant majority ownership position in Ascot following the close of the transaction.
Accompanying the financing’s close, Kewsong Lee, the Founder and CEO of BellTower, will as previously announced assume his role as Chairman of Ascot’s Board of Directors. Mr. Lee succeeds Neill Currie who will continue to serve on the Board as an Independent Director.
“BellTower is excited to partner with CPP Investments and Ascot’s talented management and team as we focus on driving attractive returns on capital and strong growth,” Mr. Lee said. “The upsized investment adding fresh capacity to Ascot’s platform took place amid complex market and industry conditions reinforcing the confidence in the Company’s power and promise for its clients, employees and investors.”
“BellTower’s minority investment enables Ascot to fully capitalize on the expanding opportunity across the global specialty (re)insurance market while adding to our financial flexibility in support of our growth aspirations,” said Jonathan Zaffino, Group Chief Executive Officer and President of Ascot. “This partnership represents not just a financial investment in our future, but a shared commitment to advancing the unique and differentiated business strategy of Ascot Group, furthering our mission to be a perfect partner for a less-than-perfect world.”
About Ascot Group
Ascot is a leading global insurance, reinsurance, and underwriting services group with over 20 years of consistency and stability, and a diverse insurance product portfolio. US insurance company affiliates within the Ascot Group are rated A (Excellent) by A.M. Best Company.
About BellTower Partners LLC
BellTower Partners LLC is a private holding company that accesses and invests permanent capital to acquire significant and influential ownership positions in private businesses. BellTower focuses on partnering with management teams in well-positioned companies that it can actively shape and build to create significant value over the long-term. For more information, please visit www.belltowerpartners.com.
About CPP Investments
Ascot Group is owned by Canada Pension Plan Investment Board (CPP Investments), a global investment management organization that invests the assets of the Canada Pension Plan. CPP Investments is the largest pension plan fund in Canada, totaling C$646 billion in invested assets, representing the retirement contributions of over 22 million Canadians. CPP Investments is rated ‘AAA’ by S&P and Moody’s.
