Ascot appoints new managing principal for Bermuda third-party division

He was recently the CEO of another Bermuda reinsurer

Ascot appoints new managing principal for Bermuda third-party division


By Kenneth Araullo

Ascot Group has officially announced Charles Craigs as the new managing principal in charge of third-party capital initiatives in Bermuda in a bid to expand and enhance its sidecar and third-party capital ventures.

In his new role, Craigs is tasked with refining and advancing Ascot’s strategy for its sidecar operations and other third-party capital endeavors. The establishment of the role leverages Craigs’ nearly quarter-century of industry expertise.

Before joining Ascot, Craigs held several key positions at Canopius Re, dedicating 15 years to executive leadership roles within the company’s London and Bermuda offices. His most recent post was chief executive officer of Canopius Bermuda and group head of reinsurance underwriting.

During his tenure at Canopius Re, Craigs oversaw a Class 4 insurance company, managed a global reinsurance portfolio, and was instrumental in the structuring and marketing of an ILS (insurance-linked securities) platform.

Craigs will directly report to Ian Thompson, chief executive officer of Ascot Bermuda, who commented on the appointment, expressing confidence in Craigs’ abilities to drive growth and development within Ascot’s risk partnership initiatives in Bermuda.

“I am certain that Charles, bringing with him superb leadership skills and a track record of capital raising success, along with nearly 25 years of industry experience, will be key to the further development and expansion of our risk partnerships as we look to achieve significant growth in our third-party efforts for Ascot in Bermuda,” Thompson said.

He further highlighted the favorable conditions for Ascot’s expansion, including the company’s strong underwriting performance, profitability, and growing investor interest, which position it to seize upcoming opportunities under Craigs’ stewardship.

“I look forward to articulating Ascot’s impressive narrative – a first-class underwriting offering, top industry talent, and solid financials – to the investment community as we deepen relationships and grow our partnerships in the third-party space,” Craigs said.

In February, the re/insurance group also announced the formation of a new marine & energy treaty reinsurance division, under the leadership of Alex Kirkby.

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