BellTower Partners closes private investment in Ascot Group

BellTower Partners, a private holding company that accesses and invests permanent capital to acquire significant and influential ownership positions in private companies, announced the close of its minority investment in Ascot Group, the Bermuda-based global specialty insurance company.

BellTower upsized its private financing of Ascot due to strong demand from investors. All the proceeds from the investment will be utilized by Ascot to help expand resources and support strategic plans. Terms of the transaction were not disclosed.

Canada Pension Plan Investment Board, a global investment management organization that manages the assets of the Canada Pension Plan, continues to maintain the significant majority ownership position in Ascot following the close of the transaction.

“BellTower is excited to partner with CPP Investments and Ascot’s talented management and team as we focus on driving attractive returns on capital and strong growth,” Mr. Lee said. “The upsized investment adding fresh capacity to Ascot’s platform took place amid complex market and industry conditions reinforcing the confidence in the Company’s power and promise for its clients, employees and investors.”

“BellTower’s minority investment enables Ascot to fully capitalize on the expanding opportunity across the global specialty (re)insurance market while adding to our financial flexibility in support of our growth aspirations,” said Jonathan Zaffino, Group Chief Executive Officer and President of Ascot. “This partnership represents not just a financial investment in our future, but a shared commitment to advancing the unique and differentiated business strategy of Ascot Group, furthering our mission to be a perfect partner for a less-than-perfect world.”