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Ascot to open Houston unit


HOUSTON, Texas—Ascot Underwriting Ltd. is set to open a unit in Houston, Texas.

Martin Reith, chief executive of London-based Ascot said it hoped the unit, Ascot Underwriting Inc., will be up-and-running in the next 30 days.

The company initially will be focused on energy business, Mr. Reith said.

The company has been incorporated in the state of Delaware, and Ascot is now awaiting regulatory approval from Lloyd's of London and the Texas insurance regulator, Ascot said.

Mr. Reith said the decision to open the new unit was taken in part to enable the company to see business that does not currently come to Lloyd's.