Ascot to raise $350 million to bolster balance sheet and fuel long-term growth

By Ryan Hewlett

May 14 - (The Insurer) - Ascot is to raise $350 million through an offering of senior notes, which the Bermuda-based carrier said would further strengthen its balance sheet and help to fuel long-term profitable growth.

The (re)insurer said in a statement on Tuesday that it has priced its offering of $350 million aggregate principal amount of 6.349% fixed-rate reset senior notes, due 2035.

The notes, offered by Ascot Group Limited, have a 10-year maturity and are rated BBB-minus by S&P Global Ratings, BBB-plus by Fitch Ratings and bbb-plus by AM Best.

The offering is expected to close on May 16, 2025, subject to customary closing conditions.

The notes have been approved by the Bermuda Monetary Authority to qualify as Tier 3 ancillary capital. Ascot said it intends to use the net proceeds from the offering for general corporate purposes.

Ascot CEO and president Jonathan Zaffino said the transaction is the latest in a series of strategic moves taken by the company over the past 24 months to strengthen its balance sheet and provide greater financial flexibility.

“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,” Zaffino said.

He added: “In this time of unprecedented volatility, Ascot is highly capitalised 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.”