Ascot Group has appointed industry veteran Charles Craigs as managing principal overseeing the company’s third-party capital initiatives in Bermuda.

Mr Craigs will report to Ian Thompson, chief executive officer, Ascot Bermuda.

In this newly-created role, he will be responsible for evolving the strategy of Ascot’s sidecar and other third-party capital vehicles and ventures.

Mr Thompson said: “I am certain that Charles, bringing with him superb leadership skills and a track record of capital raising success, along with nearly 25 years of industry experience, will be key to the further development and expansion of our risk partnerships as we look to achieve significant growth in our third-party efforts for Ascot in Bermuda.

“With increased investor appetite and Ascot’s record of underwriting strength and profitability, the company is well-positioned to capitalise on the opportunity ahead under Charles’ leadership.”

Mr Craigs joins Ascot from Canopius Re, where he spent 15 years in executive leadership roles in the company’s London and Bermuda offices, most recently serving as chief executive officer of the Canopius Bermuda platform and group head of Reinsurance Underwriting.

While there, Ascot said, Mr Craigs managed a Class 4 insurance company and a global reinsurance portfolio, and led the structuring and marketing of an ILS platform.

Mr Craigs said: “I look forward to articulating Ascot’s impressive narrative – a first-class underwriting offering, top industry talent and solid financials – to the investment community as we deepen relationships and grow our partnerships in the third-party space.”