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The executive has experience across both insurance and banking. -
Permanence and independence of a public company would be valuable, he told this publication.
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Previously, the auction drew takeover interest from DB and Dai-ichi.
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The executive is departing for a role at Birch Risk.
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The executive joined the MGA in January 2024 and has spent his entire insurance career within the TL space.
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Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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Sources said MarshBerry was retained earlier this year to run the sale.
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The moves come as the company said it will "double down" on US E&S.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
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Sources suggested that the multiple could be as low as the 13x range as valuations reset.
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The CEO said Ascot would deploy capital where it sees opportunities.
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