Ryan Specialty will acquire P&C MGU from Ascot’s Ethos Specialty

Ryan Specialty, the Chicago-based international specialty insurance firm, announced that 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 transaction, Ryan Specialty today announced that it has signed a definitive agreement to acquire certain assets of European lead general underwriter, Geo Underwriting Europe BV, part of The Ardonagh Group).

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

MGU for Ethos’ transactional liability is not included in the transaction and will remain with Ascot.

Ethos P&C comprises eight programs that underwrite on behalf of a diverse group of insurance carriers. In the property division, the firm specializes in production, processing and storage, excess property, wind deductible purchases and all other risks.

Ethos P&C’s casualty coverages include New York contractors, construction packers, real estate and clean tech general liability. Ethos P&C generated approximately $11 million in operating income for the 12 months ended June 30, 2024.

Evercore served as exclusive financial advisor to Ascot.

Source: Ryan Specialty

TOPICS
Mergers and acquisitions insurance