#Senior Notes #Bermuda #Hamilton #Insurance #Ascot Group

Ascot Group Limited Prices Senior Notes Offering

Ascot Group Limited, a prominent player in the global specialty insurance and reinsurance sector, has recently declared the pricing of its new offering of senior notes amounting to $350 million. This financial maneuver is set to bolster the company's capital base, enhancing its financial flexibility and supporting growth strategies moving forward.

Offering Details

The offering, priced at a fixed rate of 6.349% with a 10-year maturity, is slated to close on May 16, 2025, provided that customary conditions are met. These senior notes are rated investment grade by major rating agencies including SP Global Ratings (BBB-), Fitch Ratings (BBB+), and AM Best (bbb+). Notably, the Bermuda Monetary Authority has approved these notes to qualify as Tier 3 Ancillary Capital under the Bermuda Insurance Group Supervision Rules 2011.

The capital raised from this offering will primarily be utilized for general corporate purposes, reflecting Ascot's commitment to maintaining a strong balance sheet and capitalizing on future opportunities within the specialty insurance market.

Strategic Vision

Jonathan Zaffino, the Group CEO and President of Ascot, emphasized the importance of this offering in diversifying capital and attracting new investor interest. "In these turbulent times, our high capitalization enables us to deploy resources strategically wherever opportunities arise in the global specialty market," he noted. This issuance of senior notes is just one part of a broader strategic initiative that the company undertook over the past two years to fortify its financial standing.

Ascot's resilient balance sheet and enhanced capital base position the company well for future growth, instilling confidence as it navigates the dynamic marketplace. The proactive approach reflects its intent to not only weather economic fluctuations but also to thrive within them.

Regulatory Considerations

It is important to highlight that this offering has not been registered under the Securities Act of 1933 and hence cannot be offered or sold in the United States unless exempt from registration. The notes are being provided to qualified institutional buyers under Rule 144A and to certain non-U.S. persons outside of the U.S. under Regulation S.

About Ascot Group

With over 20 years of consistent performance, Ascot Group stands as a leader in insurance and reinsurance services. Their U.S. affiliates hold commendable ratings of A (Excellent) by AM Best and A+ by Fitch Ratings. The group's diverse product portfolio and strategic moves underscore its commitment to stability and innovation in the insurance sector.

Conclusion

The latest offering of senior notes is more than just a financial instrument; it is a strategic tool that places Ascot Group in a favorable position to fuel growth and enhance market presence. As the company continues to adapt and respond to market demands, stakeholders can anticipate a focus on long-term profitability and a diversified capital approach, essential for navigating the uncertainties of tomorrow's market.