Ryan Specialty completes deal with Ascot Group
Ryan Specialty completes deal with Ascot Group | Insurance Business America
Insurance News
Ryan Specialty completes deal with Ascot Group
Acquired business to become part of delegated authority underwriting unit
Insurance News
By
Terry Gangcuangco
Ryan Specialty will now get to expand its specialty delegated authority underwriting business Ryan Specialty Underwriting Managers (RSUM) following a completed deal with Ascot Group.
First announced in early September, the now finalized transaction featured Ethos P&C – a combination of Ethos Specialty Insurance property & casualty managing general underwriters formed by Ascot in 2017.
The swoop will see Ethos P&C – with the exception of its transactional liability
MGU – integrated into RSUM. Not included in the acquisition, the transactional liability
MGU will remain under Ascot ownership.
“Ethos P&C has established itself as an underwriting manager offering innovation and excellent service in niche specialty lines,” Ryan Specialty founder, chair, and chief executive Patrick G. Ryan (pictured), who will become executive chairman in October, previously noted.
“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.”
For the 12 months ended June 30, Ethos P&C generated approximately $11 million in operating revenue.
Jonathan Zaffino, group CEO and president at Ascot, recently said: “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.”
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