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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 20, 2018 12:03 PM (EST)
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Ascot Insurance Company (AIC) and Ascot Specialty Insurance Company (ASIC) (both headquartered in New York, NY), collectively referred to as Ascot Insurance U.S. Group (Ascot U.S.). AIC and ASIC are subsidiaries of Ascot Group Limited (Ascot Group). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of Ascot U.S. reflect the consolidated balance sheet strength of Ascot Group, which AM Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the strategic importance of Ascot U.S. within Ascot Group and shared infrastructure, as well as an executed net worth maintenance agreement between Ascot Group and Ascot U.S.
AIC will provide Ascot Group direct access to the U.S. admitted market, while ASIC will provide access to segments of the excess and surplus lines markets not traditionally available through Lloyd’s. Ascot U.S. began operations in October 2018, following the completion of the acquisition of Greyhawk Insurance Company, a Colorado-domiciled admitted carrier, and its wholly owned subsidiary, Greyhawk Specialty Insurance Company, a Rhode Island-domiciled surplus lines carrier. Both companies subsequently were renamed in November 2018.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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