Ryan Specialty, the Chicago-based international specialty insurance firm, announced it has signed a definitive agreement to acquire the property and casualty (P/C) MGUs owned by Ethos Specialty Insurance LLC from Ascot Group Ltd.
Financial details of the transaction were not disclosed.
(In a separate deal, Ryan Specialty announced today it has signed a definitive agreement to acquire certain assets of the European managing general agent, Geo Underwriting Europe BV, part of The Ardonagh Group).
Ethos P&C was founded in 2017 by Ascot Group and will become a part of the Ryan Specialty Underwriting Managers (RSUM) division of Ryan Specialty.
Ethos’ Transactional Liability MGU is not included in the transaction and will remain with Ascot.
Ethos P&C comprises eight programs that underwrite on behalf of a diversified panel of insurance carriers. In the property division, the firm specializes in manufacturing, processing & warehousing, excess property, wind deductible buydowns, and all other perils buydowns.
Ethos P&C’s casualty coverages include New York contractors, construction wraps, real estate and cleantech general liability. Ethos P&C generated approximately $11 million of operating revenue for the 12 months ended June 30, 2024.
Evercore served as exclusive financial adviser to Ascot.
Source: Ryan Specialty
Topics Mergers & Acquisitions Insurance Wholesale Property Casualty
Was this article valuable?
Here are more articles you may enjoy.
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
What Happens to Property Pricing in ’27, Insurance, Reinsurance Execs Ask 
NAIC Says Data Taken in Hack Has Been Published Online 
A Super Yacht Armada Came to Miami, Leaving a Marine Graveyard in Its Wake 
