Global specialty insurance (re)insurance company The Ascott Group has appointed Kyosung Lee (pictured), founder and executive chairman of Bell Tower Partners, as its new chairman. Lee replaces CEO Neil Currie, who will move to an independent director role.

He brings more than 30 years of leadership and strategy experience to the role, having led several prominent global organizations. His recently formed private holding company, BellTower Partners, invests permanent capital in private companies.

Lee’s extensive background in the insurance industry includes tenure as a board member at RenaissanceRe Holdings and Arch Capital. He was also responsible for the acquisition and growth of Fortitude Re while serving as CEO of The Carlyle Group from 2018 to 2022.

Ascott Group Chairman and CEO Jonathan Zaffino welcomed Lee to the Board, saying: “The appointment of Keogh as Chairman complements the existing skills of our Board and we look forward to benefiting from his additional guidance as a proven leader with a proven track record of success in the financial and insurance sector.

“As Ascott continues to expand its global platform and expand its ecosystem of talented insurers, we are confident that Q’s contributions and unique skills will be of great benefit to Ascott as we continue on the company’s growth trajectory.”

Corey had only kind words for his successor: “Having known Kio for more than 30 years, since founding Renaissance Re in 1993, I am confident that having an executive of his caliber join the Board will position the Company for continued success as we continue to build on the strong momentum created by our talented management team.”

As part of Lee’s new role, BellTower Partners will invest a minority stake in Ascot to support the company’s continued growth and strategic objectives. Meanwhile, Canada Pension Plan Investments (CPP Investments) will continue to hold a majority stake in Ascot.

“We look forward to working with Kew and BellTower on this next chapter of Ascot’s growth journey, as the management team continues to develop solutions to help clients navigate today’s challenging risk landscape,” commented Sam Bleichmann, Managing Director of CPP Investments and Director of Ascot, who thanked Corey for his contributions.

Meanwhile, Lee, who has been at Warburg Pincus for 21 years, said: “As a global player in the insurance and reinsurance industries, Ascott consistently delivers strong results, and I look forward to working with Jonathan and his talented team to continue to expand the business as we focus on long-term sustainable growth and return on capital.

“BellTower believes there is tremendous opportunity ahead for Ascott, and I am excited to partner with CPP Investments and management to help drive significant value creation.”

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