Ryan Specialty to Acquire P&C MGUs From Ascot’s Ethos Specialty

Ryan Specialty, the Chicago-based planetary specialty security firm, announced it has signed a definitive statement to get the spot 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 abstracted deal, Ryan Specialty announced contiguous it has signed a definitive agreement to get definite assets of the European managing wide agent, Geo Underwriting Europe BV, portion of The Ardonagh Group).

Ethos P&C was founded successful 2017 by Ascot Group and volition go a portion of the Ryan Specialty Underwriting Managers (RSUM) part of Ryan Specialty.

Ethos’ Transactional Liability MGU is not included successful the transaction and volition stay with Ascot.

Ethos P&C comprises 8 programs that underwrite connected behalf of a diversified sheet of security carriers. In the spot division, the steadfast specializes successful manufacturing, processing & warehousing, excess property, upwind deductible buydowns, and each different perils buydowns.

Ethos P&C’s casualty coverages see New York contractors, operation wraps, existent property and cleantech wide liability. Ethos P&C generated astir $11 cardinal of operating gross for the 12 months ended June 30, 2024.

Evercore served arsenic exclusive fiscal advisor to Ascot.

Source: Ryan Specialty

Topics Mergers & Acquisitions Insurance Wholesale Property Casualty