BellTower Partners LLC, a New York-based private holding company, has closed its minority investment in Ascot Group Ltd, the Bermudian-headquartered global specialty insurer.

The organisation said it upsized its private financing of Ascot due to strong demand from investors.

All the proceeds from the investment will be utilised by Ascot to help expand resources and support strategic plans. Terms of the transaction were not disclosed.

Canada Pension Plan Investment Board, a global investment management organisation that manages the assets of the Canada Pension Plan, continues to maintain the significant majority ownership position in Ascot following the close of the transaction.

Accompanying the financing’s close, Kewsong Lee, the founder and chief executive of BellTower, will as previously announced assume his role as chairman of Ascot’s board of directors.

Mr Lee succeeds Neill Currie who will continue to serve on the board as an independent director.

“BellTower is excited to partner with CPP Investments and Ascot’s talented management and team as we focus on driving attractive returns on capital and strong growth,” Mr Lee said.

“The upsized investment adding fresh capacity to Ascot’s platform took place amid complex market and industry conditions reinforcing the confidence in the company’s power and promise for its clients, employees and investors.”

Jonathan Zaffino, group chief executive and president of Ascot, said: “BellTower’s minority investment enables Ascot to fully capitalise on the expanding opportunity across the global specialty [insurance and reinsurance] market while adding to our financial flexibility in support of our growth aspirations.

“This partnership represents not just a financial investment in our future, but a shared commitment to advancing the unique and differentiated business strategy of Ascot Group, furthering our mission to be a perfect partner for a less-than-perfect world.”

• Correction: This article has been changed to recognize BellTower Partners is based in New York and not North Carolina.