Ascot Signs Agreement to Acquire Boston Indemnity Company and Plans to Enter U.S. Surety Market
Ascot Insurance Company, a member of the Ascot Group, a leading global specialty insurance and reinsurance group, today announces that it has reached a definitive agreement to acquire Boston Indemnity Company (BIC) from Great Midwest Insurance Company (GMIC), a subsidiary of Skyward Specialty Insurance Group, Inc.
BIC is a U.S. Treasury-listed, insurance carrier domiciled in South Dakota and licensed in 46 states and the District of Columbia. The acquisition is intended to facilitate Ascot’s entry into the U.S. contract and commercial surety market and does not involve the transfer of any of BIC’s business or employees. Skyward Specialty’s Surety business will continue to be written by GMIC.
Jonathan Zaffino, Ascot Group President commented: “The acquisition of BIC represents the first step in Ascot’s strategic entry into the U.S. surety market, a highly specialized field that fits perfectly with our underwriting principles and strategy to deepen our financial lines product portfolio.”
Upon completion of the transaction, BIC will become Ascot’s third U.S. insurance carrier, and Ascot intends it to be renamed “Ascot Surety & Casualty Company.” The completion of the transaction is subject to regulatory approval and other customary closing conditions.