#enterprise US private equity giant Blackstone in talks to buy UK insurer Ascot
US private equity giant Blackstone in talks to buy British specialist insurer Ascot
Blackstone is in unique talks about taking management of British specialist insurer Ascot.
The US private equity giant has been trying to make investments by way of one in all its Tactical Opportunities fund. A deal would most likely worth Ascot at over £2billion.
Founded in 2001, it supplies property and casualty insurance coverage merchandise by its Lloyd’s of London and Bermuda market platforms. In the US its manufacturers are Ascot US and Ethos.
Takeover goal: US private equity giant Blackstone has been trying to take management of British specialist insurer Ascot. by way of one in all its Tactical Opportunities fund
Owner CPPIB, Canada’s largest pension fund, paid £1.1billion for it in 2016.
But a deal may fall by as Blackstone has considerations about Ascot’s development prospects, which might be harm by market volatility from rates of interest and hurricanes later this yr.
Private equity agency Cinven and activist Elliott Advisors made affords in the summer season however dropped out quickly after, sources mentioned.
Insurers have been hit laborious this yr. Lloyd’s of London final week mentioned it has suffered £1.1billion losses associated to claims from the struggle in Ukraine, whereas Direct Line shares fell in July amid rising prices of automobile insurance coverage claims.
Blackstone and CPPIB declined to remark.