Ascot raises capacity on Syndicate 1414 to £625m...
Ascot Underwriting is raising its capacity on Syndicate 1414 to £625m in 2007 – rise of 13.5%.
This is the sixth consecutive year that the company has increased its capacity and the news comes as ratings agency A.M. Best reconfirmed the A+ rating on Syndicate 1414. Ascot said this reflected a good expected operating performance in 2004-2006, its diversified portfolio and the backing of AIG.
Ascot chief executive Martin Reith said: “This has been a good year for us with strong trading conditions and no major losses, although we are prepared to see competition intensify and pricing pressure increase in the coming months.
Ascot last month confirmed a move into the South-East Asian insurance market with the opening of its new Ascot Asia operation in Singapore.
