Ascot Group Welcomes New Chairman to Lead Strategic Growth

Ascot Group Limited, a global specialty insurance firm headquartered in Bermuda, has announced the appointment of Kewsong Lee as the new Chairman of its Board of Directors. Lee, the founder and CEO of BellTower Partners, will take over from Neill Currie, who transitions into the role of Independent Director.

With over 30 years of experience in managing complex, global organizations, Lee brings extensive leadership and strategic expertise. His career spans various sectors, with notable positions in the insurance industry, including board roles at RenaissanceRe Holdings and Arch Capital, where he served as lead director. Lee also previously led The Carlyle Group as CEO from 2018 to 2022, during which time he guided the firm’s acquisition and growth of Fortitude Re. Lee holds an AB in applied mathematics in economics from Harvard College and an MBA from Harvard Business School.

In a statement, Kewsong Lee highlighted Ascot’s consistent achievements in the insurance and reinsurance sectors. He shared his enthusiasm for working closely with the company’s leadership team, focusing on sustainable long-term growth. Lee emphasized BellTower’s belief in Ascot’s potential and expressed his commitment to partnering with CPP Investments to drive substantial value creation.

In addition to his corporate roles, Lee is actively involved in several cultural and civic organizations. He currently serves as Chair of Lincoln Center Theater, a Director of Lincoln Center for the Performing Arts, and Vice Chair of the Partnership for New York City. He is also a strategic advisor for FCLT Global.

BellTower Partners, Lee’s investment firm, will make a minority investment in Ascot as part of his new role. This partnership aims to bolster Ascot’s resources and support its ongoing strategic expansion. Specific terms of the investment were not disclosed, but the Canada Pension Plan Investment Board (CPP Investments) will retain its majority ownership stake in Ascot post-transaction.

Ascot’s Group President and CEO, Jonathan Zaffino, expressed confidence in Lee’s leadership. He noted that Lee’s experience would further strengthen the Board’s capabilities and contribute to the company’s growth in the global insurance market. Zaffino emphasized Ascot’s ongoing efforts to scale its platform and expand its underwriting expertise, believing that Lee’s insight would be invaluable in continuing the company’s upward trajectory.

Outgoing Chairman Neill Currie remarked on Ascot’s significant progress since its inception in 2001, reflecting on the company’s journey toward providing a broad range of specialty insurance products. Currie, who has known Lee for over three decades, expressed his confidence that Lee’s leadership would further strengthen Ascot’s position and build on the momentum established by the management team.

Sam Blaichman, Managing Director of CPP Investments and a member of Ascot’s Board, also welcomed Lee, expressing optimism about the collaboration with BellTower and Ascot’s future growth. He took the opportunity to thank Neill Currie for his service as Executive Chairman, acknowledging his many years of valuable contributions.

Kewsong Lee’s career is marked by his leadership at BellTower Partners, a private investment firm he founded in 2023 to invest permanent capital in private companies. Before BellTower, Lee served as CEO of The Carlyle Group, where he was instrumental in expanding the firm’s global reach. His background includes 21 years at Warburg Pincus, where he was a partner and a member of the executive management group. Lee has served on the boards of several major companies, including TransDigm, Neiman Marcus, and Aramark, and has extensive experience in the insurance sector through his work at RenaissanceRe Holdings and Arch Capital.

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