Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Ascot buys US insurer to launch surety business

Reprints
M&A

Bermuda-based Ascot Group Ltd. has agreed to acquire Boston Indemnity Co., which it plans to use to offer contract and commercial surety coverage in the United States.

Boston Indemnity is a unit of Great Midwest Insurance Co., a subsidiary of Skyward Specialty Insurance Group Inc., which was previously known as Houston International Insurance Group.

The acquisition does not include any of Boston Indemnity’s business or employees, an Ascot statement said. Skyward Specialty’s surety business will continue to be written by Great Midwest.

Boston Indemnity, which will be renamed Ascot Surety & Casualty Co., is domiciled in South Dakota and licensed in 46 states and the District of Columbia, the statement said.

“The acquisition of BIC represents the first step in Ascot’s strategic entry into the U.S. surety market,” Jonathan Zaffino, group president of Ascot, said in the statement.

Ascot, which has significant underwriting operations in Lloyd’s of London, made its first U.S. acquisition in 2018.

 

 

 

 

 

 

Read Next

  • Jonathan Zaffino to join Ascot as president

    Jonathan Zaffino, former head of Everest Re Group Ltd.’s insurance operations, will join Ascot Group Ltd. as group president, the Bermuda-based insurer and reinsurer announced Monday.