Ascot in midst of sale process

Ascot's management and part-owner AIG are running a sale
process for the Lloyd's (re)insurer, The Insurance
Insider understands.
CEO Andrew Brooks and the rest of management has retained Macquarie
to advise, while AIG is being represented by Evercore.
Sources said the sale process which has been restricted to
financial bidders is now in its second round. Ascot is believed to
have total net tangible assets - including funds at Lloyd's
which would need to be replaced - of approaching £400mn.