Ascot has promoted Ian Thompson to the role of CEO, who will now assume leadership of the multi-faceted business, which includes specialty insurance, reinsurance and alternative capital capabilities.
Thompson first joined Ascot in 2017 as head of Casualty and Specialty, before being promoted to executive vice president and chief underwriting officer, Casualty and Specialty in 2020.
He joined Ascot after almost a decade at Hiscox Re as head of Casualty and Specialty. Prior to this, he worked at Catlin, heading the Healthcare and Professional Lines practice in London. In his new role, he will report to Jonathan Zaffino, group president.
His promotion follows the departure of John Berger, who will retire this month after three years helping to establish a “market leading” presence for the group in Bermuda. He will continue to advise and provide consultation to Ascot, however.
Zaffino said: “Ian’s been instrumental in our efforts to thoughtfully expand our Bermuda operations, which now includes leading solutions across several major insurance and reinsurance classes. The impressive evolution of our capabilities and growing portfolio over the past few years is testament to the work of our talented colleagues on the island.
“Ian is an excellent choice to now take the helm and oversee all of our underwriting capabilities as we continue to push our unique risk, tech and client-centric approach and deliver superior long-term risk adjusted returns.”
He added: “I also want to take the opportunity to extend my sincere gratitude to John Berger for all he has done for Ascot. He’s had an impactful role in developing our Bermuda business and I wish him a very happy retirement after a storied reinsurance career. We look forward to his continued advice and counsel in his new advisory capacity.”
Thompson added: “It’s a great privilege to succeed John Berger as Chief Executive at one of Bermuda’s leading (re)insurance businesses. Since joining in 2017, we’ve worked hard to develop a wide offering of solutions for our clients, focusing on superior underwriting underpinned by world class service and infrastructure.
“Our strong ratings, and enhanced corporate and strategic depth across Ascot, puts us in an excellent position to continue on our journey of growth and profitability. I look forward to working closely with Jon and the excellent team here in Bermuda in pursuit of our goals.”