Ascot sells MGU units to Ryan Specialty

Bermuda-based Ascot Group has agreed to sell the property and casualty managing general underwriters owned by Ethos Specialty Insurance to Ryan Specialty. Terms were not disclosed. 

Ethos P&C was founded in 2017 by Ascot Group and will become part of the Ryan Specialty Underwriting Managers division of Ryan Specialty.

Ethos P&C comprises eight programmes which underwrite on behalf of a diversified panel of insurance carriers, the company said. It generated approximately $11 million of operating revenue for the 12 months ended June 30.

“Ethos Specialty is a thriving underwriting services business that, since inception, has achieved strong growth and profitability for its trading partners, while bringing innovative specialty insurance programs to the market. We are proud of the many accomplishments of our team and are confident that this strategic transaction will both advance Ascot’s long-term platform optimisation goals and foster new opportunities for the Ethos P&C team under Ryan Specialty’s ownership,” said Jonathan Zaffino, Ascot Group CEO.  

Patrick Ryan, founder, chairman and CEO of Ryan Specialty, said: “Ethos P&C has established itself as an underwriting manager offering innovation and excellent service in niche specialty lines. Their entrepreneurial spirit and complementary portfolio add depth and breadth to Ryan Specialty. We welcome this team of highly experienced underwriters and look forward to our future together.”

The acquisition is expected to close this month.

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