Ascot bolsters marine and environmental propositions

Ascot bolsters marine and environmental propositions | Insurance Business America

Marine

Ascot bolsters marine and environmental propositions

New EVP will head marine segment for the US sector

Marine

By
Kenneth Araullo

Ascot Group has announced two developments for the company in line with bolstering its propositions in the marine and environmental segments.

First up is the announcement that Pat Stoik is set to join the company as executive vice president, head of marine for Ascot US, starting Oct. 24.

With over 35 years of senior management, underwriting, and broker experience in the marine industry, Stoik’s most recent role was chief risk officer for Overhaul Group, a firm specializing in in-transit supply chain risk management. In this position, he was responsible for the company’s insurtech business strategy and played a vital role in enhancing and providing consultations on Overhaul’s presence in the insurance market.

Over the course of his career, Stoik has also made significant contributions at major P&C insurance companies, including Great American Insurance Group. During his tenure there, he oversaw four underwriting divisions, including ocean and inland marine, in both the United States and Europe.

Stoik began his insurance career at Chubb, where he spent over 25 years in roles of escalating responsibility. His final role at Chubb was as senior vice president, worldwide marine, overseeing ocean marine, inland marine, asset affinity, and entertainment portfolios.

According to LinkedIn, Stolk holds a bachelor of arts from Colorado State University and carries distinguished designations, including Certified Insurance Counselor, Associate in Risk Management, and Transportation Risk Specialist. Additionally, he is a longstanding member of the Inland Marine Underwriters Association, having previously held roles such as vice chair on the board of directors and chairman of the Education Committee.

Stoik will be based in New York and will report to Matt Kramer, chief executive officer of Ascot US.

“At Ascot we are committed to adding best-in-class talent to our underwriting units while providing a client-centric approach to our service, products, and solutions,” Kramer said. “Pat is a seasoned leader in the industry, and his deep knowledge in the marine space will support our continued success and growth in the critically important US marine market.”

New environmental product for middle market

In addition to Stoik’s appointment, Ascot announced the introduction of Prime PREMIER, the latest addition to their environmental insurance product lineup.

Prime PREMIER is an environmental fixed-site pollution insurance product tailored to cater to clients from the middle market to the Fortune 1,000, with a focus on real estate, manufacturing, distribution, warehousing, industrial, and development sectors.

Its name also encompasses its purpose — “Protecting Real Estate, Manufacturing, and Industry from Environmental Risk.” Ascot’s launch of Prime PREMIER is a response to the prevailing market demand for a simplified and efficient form that effectively addresses intricate technical risks through meticulous and precise underwriting.

“Today’s companies must be prepared for the event of unforeseen environmental perils. We are thrilled to offer our new Prime PREMIER product, offering a simplified form with the flexibility to structure bespoke solutions for our clients’ most complex environmental risks. Our team has both deep underwriting expertise and dedicated claims handling that allows us to give these accounts the attention they require and the service they deserve,” said Ted Mavraganis, Ascot environmental senior vice president and Prime PREMIER head.

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