Bermuda insurer buys US platform

Ascot U.S. Holding Corp. has acquired Parker, Colorado-based Greyhawk Insurance Co. and its wholly-owned subsidiary Greyhawk Specialty Insurance Co., Ascot said in a statement Tuesday.

Terms of the transaction were not disclosed.

This is Ascot’s first acquisition of a U.S.-based insurer, according to a spokesman for the company, part of Hamilton, Bermuda-based Ascot Group Ltd.

Greyhawk is an admitted insurer in Colorado and has been in runoff since 2006, the statement said.

Greyhawk Specialty is a dormant Rhode Island domiciled excess and surplus lines insurer. 

The Greyhawk companies will expand Ascot’s U.S. platform and provide increased access to the U.S. insurance markets, the statement said.

The company did not wish to comment further as the acquisitions are subject to regulatory approvals, the spokesman said.