Ascot Underwriting Ltd. announces the creation of Ascot Underwriting Inc.

Ascot Underwriting Ltd. is delighted to announce the creation of Ascot Underwriting Inc., Ascot’s wholly owned subsidiary in Houston, Texas. The move is the next stage in Ascot’s development to establish local underwriting platforms, and follows the successful launch of Singapore.

Ascot has established Ascot Underwriting Inc. to build on our position and reputation in the US market and access locally placed business. The move will ensure that we can continue to support client programmes cost-effectively and offer a surplus lines market solution even where a large syndicated London placement is not required. Our US clients and brokers will benefit from easy access to decision makers and our innovative underwriting solutions.

In addition to traditional energy business, Ascot Underwriting Inc. will provide a local presence for Ascot Renewco, our new renewable energy operation. Ascot Underwriting Inc. will be headed by John Flower, who will be the President and Chief Underwriting Officer of the new initiative. With 20 years experience in the insurance industry, John was most recently Senior Vice President of Insurance Market Solutions (IMS), a majority owned subsidiary of Burnett Holdings, Inc. Martin Reith, CEO of Ascot Underwriting said, “We have selected Houston as the location for our first US office because of its vibrant local market with substantial business opportunities. In this self-reliant market we are focusing on local business that would not otherwise come to London. I am thrilled that John Flower is coming on board full-time to continue to develop his excellent work at establishing Ascot in the US.”

John Flower said, “I am excited to be heading up Ascot’s first American office, raising Ascot’s profile, developing new business opportunities, and providing US brokers with direct access to Ascot’s innovative underwriting. Houston is an excellent choice for Ascot’s US base as the city continues to attract new businesses for the traditional energy sector and is seen as the city of choice for the expanding alternative energy industry.” Ascot Underwriting Inc. has been incorporated in the state of Delaware and has obtained all relevant approvals from the Texas Department of Insurance. Underwriting operations commence in October 2007.

Martin Reith, CEO Ascot Underwriting Ltd.:
+44 (0)20 7743 9600
John Flower, President and Chief Underwriting Officer Ascot Underwriting Inc.:
+001 713 706 6358 (john.flower@ascotuw.com)
Andy Stears, Chairman Ascot Underwriting Inc.:
+44 (0)20 7743 9600
Jenny Love, Corporate Communications Ascot Underwriting Ltd.:
+44 (0)20 7743 9599