Ascot Group announces pricing of senior notes offering

Global specialty (re)insurance company Ascot Group announced that it has priced its offering of $350 million aggregate principal amount of 6.349% fixed-rate reset senior notes due 2035. The offering is expected to close on May 16, 2025, subject to the satisfaction of customary closing conditions.

The Senior Notes, offered by Ascot Group Limited, have a 10-year maturity and are rated investment grade, including BBB- by S&P Global Ratings, BBB+ by Fitch Ratings, and bbb+ by AM Best. The Senior Notes have been approved by the Bermuda Monetary Authority to qualify as Tier 3 Ancillary Capital pursuant to the Bermuda Insurance Group Supervision Rules 2011. Ascot intends to use the net proceeds from the offering for general corporate purposes.

“To fuel long-term profitable growth, we continue to identify avenues to diversify Ascot’s capital base and attract new investors through traditional and non-traditional capital-raising opportunities. This Senior Notes transaction is the latest in a series of strategic moves undertaken by the company over the past 24 months aimed to further strengthen Ascot’s balance sheet and provide greater financial flexibility to the organization. In this time of unprecedented volatility, Ascot is highly capitalized and will be able to quickly deploy our capital where – and when – we see opportunities across the global specialty market. This financing reinforces our momentum and resilience in a dynamic marketplace, and with our enhanced capital base and resilient balance sheet, is expected to position us well for future success.” – Jonathan Zaffino, Group CEO and President.