Ascot Group has named Kewsong Lee, founder and CEO of BellTower Partners, as chairman of the board of directors.
Lee will succeed Neill Currie, Ascot’s executive chairman, who will assume the role of independent director.
His experience in the insurance industry began with active involvement and board memberships at RenaissanceRe Holdings and Arch Capital, where he served as lead director.
While serving as CEO of the Carlyle Group from 2018 to 2022, he reportedly initiated and oversaw the group’s strategy to acquire and expand Fortitude Re.
In conjunction with the appointment, BellTower is making a minority investment in Ascot to help expand the company's resources and support its strategic growth plans.
The Canada Pension Plan (CPP) Investment Board will continue to maintain the significant majority ownership position in Ascot following the close of the transaction.
Jonathan Zaffino, group president and CEO of Ascot, says: “Kew’s appointment as chairman complements the existing skill sets represented on our board, and we look forward to benefiting from his additional guidance as a proven leader with a track record of success in the financial and insurance industry.
“As Ascot continues to scale its global platform and expand its ecosystem of talented underwriters, we are confident that Kew’s contributions and unique skills will be highly accretive to Ascot as we continue on the company’s growth trajectory.”
Lee adds: “As a global participant in the insurance and reinsurance industries, Ascot is consistently achieving strong results, and I look forward to working with Jonathan and his talented team to continue scaling the business as we focus on long-term, sustainable growth and return on capital.
“BellTower believes there is tremendous opportunity ahead for Ascot, and I am excited to partner with CPP Investments and management to help drive significant value creation.”
