Ascot Group Limited Announces Pricing of Senior Notes Offering

HAMILTON, Bermuda, May 14, 2025 /PRNewswire/ -- Ascot Group Limited ("Ascot"), a global specialty (re)insurance company, announced that it has priced its offering of $350 million aggregate principal amount of 6.349% fixed-rate reset senior notes due 2035 (the "Senior Notes"). The offering is expected to close on May 16, 2025, subject to the satisfaction of customary closing conditions.

The Senior Notes, offered by Ascot Group Limited, have a 10-year maturity and are rated investment grade, including BBB- by S&P Global Ratings, BBB+ by Fitch Ratings, and bbb+ by AM Best. The Senior Notes have been approved by the Bermuda Monetary Authority to qualify as Tier 3 Ancillary Capital pursuant to the Bermuda Insurance Group Supervision Rules 2011. Ascot intends to use the net proceeds from the offering for general corporate purposes.

Jonathan Zaffino, Group CEO and President, commented: "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. This Senior Notes transaction is the latest in a series of strategic moves undertaken by the company over the past 24 months aimed to further strengthen Ascot's balance sheet and provide greater financial flexibility to the organization.

In this time of unprecedented volatility, Ascot is highly capitalized 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."

The offering of the Senior Notes has not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and the Senior Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Senior Notes are being sold to "qualified institutional buyers" in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in accordance with Regulation S under the Securities Act.

This press release is not an offer to sell or a solicitation of an offer to buy any securities and shall not constitute an offer or a solicitation of any securities in any jurisdiction in which such offer or solicitation would be unlawful.

About Ascot Group

Ascot is a leading global insurance, reinsurance, and underwriting services group with over 20 years of consistency and stability, and a diverse insurance product portfolio. US insurance company affiliates within the Ascot Group are rated A (Excellent) by AM Best and A+ by Fitch Ratings.

Forward-Looking Statements

This press release contains forward-looking statements that are based on the beliefs and assumptions of our management and are subject to risks and uncertainties. Generally, statements that are not about historical facts are forward-looking statements and include statements that represent our beliefs, expectations or estimates concerning future operations, strategies, financial results or performance, or other developments and can be identified by the use of terms such as "may," "will," "shall," "intends," "aims," "expects," or similar expressions. A number of important factors could cause actual results and outcomes to differ materially from those expressed or implied in these statements, including our ability to obtain capital to meet future requirements;  our exposure to interest rate and other financial and capital market risks; any downgrade in our financial strength, credit or other ratings; reductions in the value of our investment portfolio; risks arising from future acquisitions or growth of our operations; our ability to offer new products and implement changes; liquidity risks related to our underwriting activities; the incidence and severity of catastrophic events; the availability and price of reinsurance or retrocession protection and our ability to collect amounts due to us; disruptions to our operations or facilities; competition and consolidation in the insurance and reinsurance industry; global economic and political conditions; and changes in law, regulation or related interpretations in Bermuda, the U.S., the U.K. or elsewhere. Consequently, such forward-looking statements should be regarded solely as our current plans, estimates or belief as of the data of this press release.

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