Ryan completes purchase of Ascot MGUs

Ryan Specialty has completed the acquisition of the property and casualty MGUs owned by Ethos Specialty Insurance from Bermuda-based Ascot Group. 

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

Ethos’ Transactional Liability MGU is not included in the transaction and will remain with Ascot. 

Ethos P&C comprises eight programmes which underwrite on behalf of a diversified panel of insurance carriers, Ascot said earlier this month. 

“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," Jonathan Zaffino, Ascot Group CEO, said on September 4. 

"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."

It generated approximately $11 million of operating revenue for the 12 months ended June 30. Terms of the sale were not disclosed.

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