Ascot Renewco News

Ascot Increases Funds at Lloyd's

Posted 12 March 2009

LONDON, 9 March 2009 - Ascot Underwriting is pleased to announce that it has deposited an additional $100m at Lloyd's to support its 2009 business plan. These funds address the foreign exchange movements over the past several months and give Ascot the ability to expand in 2009.

Andrew Brooks, CEO of Ascot Underwriting said, "We are delighted with the unwavering commitment that we received from our capital provider when we asked for additional funds, not only to support but also expand our 2009 business plan. The underwriting environment is changing on a daily basis, providing Ascot with opportunities, particularly in the reinsurance and offshore energy sectors."

Nicholas Walsh, President and CEO of AIU, said, "Ascot is an important and core part of AIU and will be a key component of the recently announced AIU Holdings, Inc."

Ascot remains committed to providing the best service to meet the needs of our brokers and clients. We are part of the Lloyd's Chain of Security and all policies written by Ascot are backed by the security of the Central Fund.

Lloyd's Financial Strength rating is A (Excellent) from AM Best and A+ (Strong) from S&P and Fitch (as at 9 March 2009).