Ryan Specialty has signed a definitive agreement to acquire Ethos Specialty Insurance‘s Property and Casualty (P&C) Managing General Underwriters (MGUs) from Ascot Group.
The acquisition is set to enhance Ryan Specialty’s capabilities within its Ryan Specialty Underwriting Managers (RSUM) division.
The deal’s financial terms were not disclosed, but it is anticipated to close in September 2024. Ethos P&C’s Transactional Liability MGU will remain with Ascot Group.
Ethos P&C operates eight programmes providing underwriting services across various sectors. In property insurance, they cover manufacturing, processing & warehousing, excess property, wind deductible buydowns, and other perils buydowns.
Their casualty coverages include New York contractors, construction wraps, real estate, and CleanTech general liability.
Patrick G. Ryan, Founder, Chairman & 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.”
Jonathan Zaffino, Ascot Group CEO and President, commented, “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.”
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