Ascot Bermuda chief promoted to CEO of Ascot Underwriting

Ascot Group has promoted long-time Bermuda chief executive officer Ian Thompson to be CEO and director of Ascot Underwriting Ltd, succeeding Jonathan Zaffino, who will continue as Ascot Group president and CEO.

Thompson will be succeeded as CEO of Ascot Bermuda by Justin Keith, who has been chief underwriting officer for casualty and specialty. 

Ascot said the promotions "represent a major step forward in Ascot’s evolution, organizational maturity, and highlights the bench of industry leaders within the organization". 

“Throughout Ascot’s history, Ascot Underwriting Limited has earned a reputation for underwriting excellence and market leadership. Our vision for the Ascot Group’s future, including our multi-year strategic plans, will require increased investment in and continued profitable growth from our leading and flagship syndicate,” said Jonathan Zaffino. 

“Ascot’s ambitious agenda requires dedicated leaders at the helm of our operations who remain solely focused and dedicated in leading our talented teams of market leading professionals to work with our clients in addressing today’s risk challenges. 

"I am beyond confident that Ian and Justin are the leaders to help lead Ascot through the next phase of our organisation’s journey.”

Thompson will relocate to London from Bermuda, where he has lived for 15 years. He joined Ascot in 2017.

In his new role, Thompson will continue to report to Zaffino in his role as Ascot Group President and CEO and will remain a member of the Global Executive Committee.  

Thompson was first Chief Underwriting Officer of Casualty and Specialty, and became President and CEO of Ascot Bermuda since December 2020, where he has overseen all Ascot business on the Island, including specialty insurance, reinsurance, and alternative capital. 

"He has almost 30 years of experience as an Underwriter, Broker, and Executive in both London and Bermuda, and brings to his new role deep subject matter expertise, extensive relationships in the market, and an abiding passion for leadership and company culture," the company said. 

Keith joined Ascot in 2017, and has successfully served in roles of increasing responsibility, most recently in his role as Chief Underwriting Officer for Casualty & Specialty. A native of Chicago, Illinois, Keith has lived and worked in Bermuda since 2012 when he moved to the Island to assume leadership of the Specialty Reinsurance division of Hiscox. 

Keith began his insurance career 20 years ago and has held insurance and worked for CNA insurance and Bermuda-registered Ironshore before coming to Bermuda. Keith will also report to Jonathan Zaffino in his new role overseeing all aspects of Ascot’s Bermuda operations.

Ascot said Mark Pepper will continue to report to Zaffino in his role as Ascot Group CUO and member of the Group Executive Committee. Thompson’s arrival in London will enable Pepper to amplify his important role and meaningful impact on the underwriting and reinsurance strategies across the Group.

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