AIG-owned firm makes deposit at Lloyd's
Ascot Underwriting has deposited an additional $100m at Lloyd's to support its 2009 business plan.
The company said the funds "address the foreign exchange movements over the past several months and give Ascot the ability to expand in 2009".
Andrew Brooks, chief executive 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 chief executive of AIU, said: "Ascot is an important and core part of AIU and will be a key component of the recently announced AIU Holdings."
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