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
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