Lloyd’s of London company Ascot Underwriting Ltd and American International Group announced the creation of AIG-Ascot Re, a Bermuda-based reinsurance platform scheduled to begin writing business on January 1, 2015.

The companies said in a release that Simon Kimberley, formerly an underwriter with Ascot’s London treaty team, has transferred to AUB and will begin writing business for the platform in Bermuda.

Ascot Underwriting (Bermuda) Ltd will serve as managing general agent of AIG-Ascot Re, which will write catastrophe reinsurance business on behalf of American International Reinsurance Company Ltd, a wholly-owned subsidiary of AIG, the companies said in a statement.

“This is an excellent opportunity for AIG to deploy its existing reinsurance capacity in a more focused way and establish a greater presence in the dynamic reinsurance markets in Bermuda,” John Q. Doyle, CEO of AIG’s global commercial insurance, said in a statement.

“AIG-Ascot Re combines Ascot’s expertise and market reputation with the financial strength and backing of AIG,” Ascot Underwriting Ltd. CEO Andrew Brooks said in the statement. “The operation will complement Ascot’s Lloyd’s syndicate, providing clients with a broader scope of strong capacity and solutions for all facets of their catastrophe programme.”