Ex-Carlyle chief Lee to chair Ascot Group

Ex-Carlyle chief Lee to chair Ascot Group | Insurance Business Asia

Insurance News

Ex-Carlyle chief Lee to chair Ascot Group

His credentials include 21 years at Warburg Pincus

Insurance News

By
Terry Gangcuangco

Global specialty (re)insurance firm Ascot Group has picked Kewsong Lee (pictured), founder and chief executive of BellTower Partners, as its new board chairman. Lee is replacing executive chair Neill Currie, who will transition into the role of independent director.

The business leader brings over 30 years of leadership and strategic expertise to the post, having helmed various high-profile global organisations. His recent venture, private holding company BellTower Partners, invests permanent capital in private enterprises.

Lee’s extensive background in the insurance sector includes his tenure as a board member at RenaissanceRe Holdings and Arch Capital. He was also in charge of the acquisition and growth of Fortitude Re during his time as CEO of The Carlyle Group from 2018 to 2022.

Ascot group president and CEO Jonathan Zaffino welcomed Lee to the board, stating: “Kew’s appointment as chairman complements the existing skillsets represented on our board, and we look forward to benefitting 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.”

Currie also had nothing but nice words for his successor: “Having known Kew for over 30 years, since the formation of RenaissanceRe in 1993, I am certain that having an executive of his calibre join the board will position the business for continued success as we build on the strong momentum that our talented management team has set in motion.”

As part of Lee’s new position, BellTower Partners will make a minority investment in Ascot to support the company’s continued growth and strategic objectives. Canada Pension Plan Investment Board (CPP Investments), meanwhile, will continue to hold the majority ownership in Ascot.

CPP Investments managing director and Ascot board director Sam Blaichman, who thanked Currie for his contributions, commented: “We look forward to working with Kew and BellTower in this next chapter in Ascot’s growth journey, as the management team continues to develop solutions to help clients navigate today’s challenging risk landscape.”

Meanwhile Lee, who was at Warburg Pincus for 21 years, had this to say: “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.

What do you think about this story? Share your thoughts in the comments below.