Ryan Specialty to acquire Ethos Specialty’s P&C MGUs from Ascot

Ryan Specialty has signed a definitive agreement to acquire the property & casualty (P&C) MGUs owned by Ethos Specialty Insurance, LLC (Ethos P&C) from Ascot Group Limited, with the acquisition expected to close during September 2024.

Ethos P&C was founded in 2017 by Ascot Group, and following completion of the acquisition, it will become part of the Ryan Specialty Underwriting Managers (RSUM) division of Ryan Specialty.

It’s important to highlight, that Ethos’ Transactional Liability MGU is not included in the transaction and will remain with Ascot.

It has also been confirmed, that Evercore served as exclusive financial advisor to Ascot during the transaction.

Moreover, Ethos P&C comprises of eight programs which underwrite on behalf of a diversified panel of insurance carriers.

Within the property division, the firm mainly specialises in manufacturing, processing & warehousing, excess property, wind deductible buydowns, and all other perils buydowns.

As well as this, Ethos P&C’s casualty coverages include New York contractors, construction wraps, real estate and CleanTech general liability.

“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,” commented Patrick G. Ryan, Founder, Chairman & CEO of Ryan Specialty.

“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 optimization goals and foster new opportunities for the Ethos P&C team under Ryan Specialty’s ownership,” said Jonathan Zaffino, Ascot Group CEO and President.

Earlier today, it was revealed that Ryan Specialty had signed a definitive agreement to acquire certain assets of the European MGA, Geo Underwriting Europe BV, which is part of The Ardonagh Group.

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