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AM Best Assigns Credit Rating to Ascot Insurance Guernsey Limited, Affirms Credit Ratings of Ascot Group Limited’s Core Operating Subsidiaries

Business Wire

LONDON, October 22, 2026--AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a+" (Excellent) to Ascot Insurance Guernsey Limited (Guernsey), a 100% reinsured subsidiary of Ascot Bermuda Limited (Ascot Bermuda) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of "a+" (Excellent) of Ascot Bermuda, as well as certain members of Ascot Group Limited (Ascot), collectively referred to as Ascot Insurance U.S. Group (Ascot U.S.). At the same time, AM Best has affirmed the Long-Term Issue Credit Rating of "bbb+" (Good) on the USD 400 million, 4.25% fixed rate senior unsecured notes due 2030 and the USD 350 million, 6.349% fixed rate reset senior unsecured notes due 2035, issued by Ascot. The outlook of these ratings is stable. (Please see below for a detailed list of the companies and ratings.)

The ratings of Ascot Bermuda and Ascot U.S. reflect Ascot's consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Additionally, Ascot receives rating enhancement in the form of lift from its parent, Canada Pension Plan Investment Board (CPP Investments), which is considered to be financially stronger and supportive of Ascot's strategy.

AM Best views Ascot Bermuda and Ascot U.S. as strategically important to Ascot and fully integrated within the group's operations and management. Ascot Bermuda is the group's Bermuda-based (re)insurance platform, while Ascot U.S. provides the group with access to the U.S. excess and surplus and admitted lines markets. Moreover, Ascot U.S. entities are supported by a net worth maintenance agreement.

Ascot is a property and specialty (re)insurance group, which reported consolidated gross written premiums of USD 5.2 billion in 2025. Ascot U.S. and Ascot Bermuda provide diversification to the group's underwriting portfolio, which historically had concentration toward U.S. property risks through its Lloyd's Syndicate 1414. Ascot has a stable and experienced management team that has been strengthened as its business has grown.

The group's balance sheet strength is underpinned by its risk-adjusted capitalisation, which AM Best expects to be maintained comfortably at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), supported by prudent capital management. The balance sheet strength assessment benefits from the excellent financial flexibility offered by CPP Investments. Since acquiring Ascot Underwriting Holdings Limited in 2016, CPP Investments has made several capital injections to support the group's growth, demonstrating its ongoing commitment.

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