Ascot announces 13.5% capacity increase

2006-12-01

Ascot Underwriting has announced plans to increase capacity on Syndicate 1414 from £550 million this year to £625 million in 2007 – a rise of just over 13.5%.

It will be the sixth consecutive year that Ascot has increased its capacity, underlining its confidence in the future and commitment to growing in its key business areas.

The news comes as ratings agency A.M. Best reaffirms the A+ (Superior) rating on Syndicate 1414 to reflect the good expected operating performance in 2004-2006, its well diversified portfolio and the backing of AIG.

Martin Reith, Ascot’s Chief Executive, said: “This has been a good year for us with strong trading conditions and no major losses although we are prepared to see competition intensify and pricing pressure increase in the coming months.

“This increase to our stamp capacity combined with our entrepreneurial approach to underwriting means Ascot will continue to be well positioned to meet the demand from those attracted by our superior expertise and credit rating.”

Confirmation of the capacity increase comes soon after Ascot announced plans to expand into the fast-growing South-East Asian insurance market with the opening of its new Ascot Asia operation in Singapore.

For further information please contact:

Martin Reith, CEO: 020 7743 9602

Jenny Love, Corporate Communications: 020 7743 9599