AIG Becomes Sole Owner of Ascot Underwriting |
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Written by U.S. Insurance News
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Monday, 21 July 2008 |
American International Group, Inc. (AIG) has partnered with Ascot Underwriting Holdings Ltd. since the latter's founding in 2001.
Now, AIG owns Ascot outright.
Through a subsidiary, AIG recently purchased the outstanding shareholdings of the managing agency of AIG's Lloyd's Syndicate 1414 that the company didn't already own. AIG previously held a 40 percent minority interest in Ascot with an option to purchase the company.
"It is an opportune time to accelerate our option to purchase the remaining shares of Ascot to expand AIG's presence in the important Lloyd's market," explained Nicholas C. Walsh, AIG executive vice president. "Martin Reith and his talented associates, who have managed the syndicate so successfully, will continue in their respective roles."
Reith, chief executive of Ascot Underwriting Limited, said that since Ascot's founding in 2001, the company has ascended to become one of the largest syndicates operating at Lloyd's of London. Ascot services customers globally from offices in London, Singapore, Spain, and Houston, Texas.
"Our customers can look forward to comprehensive, high-quality service with the worldwide insurance resources that AIG brings to the table," Reith said.
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