Ascot Group Welcomes Kewsong Lee as New Chairman, Signaling Strategic Growth

Former Carlyle Group CEO Kewsong Lee to Lead Ascot’s Expansion as Neill Currie Transitions to Independent Director

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, brings over 30 years of experience in managing global organizations across multiple sectors. He succeeds Neill Currie, who will now serve as an Independent Director after leading the board through years of strategic growth.

Kewsong Lee’s remarkable career includes leadership roles at The Carlyle Group, where he served as CEO from 2018 to 2022, guiding the firm’s acquisition and expansion of Fortitude Re. He has also held prominent board positions at insurance companies RenaissanceRe Holdings and Arch Capital, further reinforcing his expertise in the insurance and reinsurance sectors. In his new role at Ascot, Lee will focus on leveraging his extensive leadership experience to guide the company’s sustainable long-term growth.

Lee expressed his enthusiasm for joining Ascot, highlighting the company’s achievements in the insurance industry. “Ascot has consistently demonstrated its ability to innovate and deliver value to its stakeholders. I look forward to working with the leadership team to drive further success and continue building on the company’s strengths,” he said. Lee also emphasized BellTower Partners’ belief in Ascot’s potential, underscoring a commitment to creating substantial value through partnership with CPP Investments, which retains its majority ownership in the company.

In addition to his corporate experience, Lee is deeply involved in civic and cultural initiatives. He 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, among other roles. His influence extends beyond the business realm, reflecting a holistic approach to leadership that combines financial expertise with social responsibility.

As part of his new role, BellTower Partners, Lee’s investment firm, will make a minority investment in Ascot, supporting the firm’s resources and its ongoing strategic expansion. The Canada Pension Plan Investment Board (CPP Investments), Ascot’s primary shareholder, remains committed to Ascot’s long-term success. Specific terms of the investment have not been disclosed, but the partnership is expected to further bolster Ascot’s market position.

Jonathan Zaffino, Ascot’s Group President and CEO, expressed confidence in Lee’s ability to lead the board through its next phase of growth. “Kewsong’s experience and insight are invaluable as we continue to scale our platform and expand our underwriting expertise. His leadership will further strengthen our board and drive Ascot’s continued success in the global insurance market,” said Zaffino.

Outgoing Chairman Neill Currie reflected on Ascot’s growth since its founding in 2001, noting the company’s progress in providing a broad range of specialty insurance products. He praised Lee’s appointment, stating, “I have known Kewsong for over 30 years, and I am confident that his leadership will propel Ascot to new heights, building 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 and the collaboration with BellTower Partners. He expressed optimism about Ascot’s future and thanked Neill Currie for his contributions as Executive Chairman, acknowledging his instrumental role in shaping the company’s success.

Lee’s career is distinguished by his leadership at BellTower Partners, a private investment firm he founded in 2023. Prior to that, he spent 21 years at Warburg Pincus, where he was a partner and member of the executive management group. Lee has also served on the boards of several major companies, including TransDigm, Neiman Marcus, and Aramark.

With his appointment as Chairman, Ascot Group is poised to enter a new era of strategic growth and expansion under Lee’s seasoned leadership, reinforcing its position as a leader in the global insurance and reinsurance markets.