Ascot Earns Credit Upgrade From S&P Global
Ascot Group Limited announced that S&P Global Ratings [S&P] has raised its long-term issuer credit rating for Ascot to BBB+ from BBB on its strengthened capital position.
A spokesperson said, “S&P has also assigned an ‘A’ long-term financial strength rating to Ascot’s core operating entity, Ascot Bermuda Limited.
“S&P’s rationale in support of the ratings upgrade was attributed primarily to the material increases in Ascot’s capital adequacy. Ascot’s capital position has improved significantly in recent years due to strong underwriting and investment returns, alongside proactive capital management. Ascot’s capitalization is now redundant at the 99.99% confidence level. S&P noted Ascot’s lower underwriting volatility compared to similarly rated peers in recent years and its well diversified casualty portfolio across product lines. S&P also noted Ascot’s exceptional liquidity supported by ample liquid assets, high levels of cash and a portfolio of highly rated and relatively short-dated bonds. The outlook for Ascot’s rating is stable.”
“We are very pleased with the S&P ratings upgrade. It is a considerable milestone and a strong testament to the successful execution of our strategic plans as we continue to grow a profitable, world-class global specialty company,” said Jonathan Zaffino, Ascot Group CEO and President. “We believe this upgrade reflects our disciplined underwriting and portfolio management, and the financial strength and stability Ascot has built to successfully pursue our mission to be a perfect partner for a less-than-perfect world.”
