Launched in 2017 by Ascot Group, Ethos P&C will join the Ryan Specialty Underwriting Managers division. Notably, Ethos’ Transactional Liability MGU is excluded from the deal and will remain with Ascot.
Ethos P&C generated approximately US$11 million of operating revenue for the 12 months ended June 30, 2024.
Ethos P&C comprises eight programs, underwriting on behalf of a diversified panel of insurance carriers. The firm’s property division focuses on manufacturing, processing, warehousing, excess property, wind deductible buy-downs, and all other perils buy-downs. On the casualty side, Ethos P&C provides coverage for New York contractors, construction wraps, real estate, and CleanTech general liability.
Patrick G. Ryan, Founder, Chairman & CEO of Ryan Specialty said: “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.”
Jonathan Zaffino, Ascot Group CEO and President also commented, saying: “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.”
He added: “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 optimisation goals and foster new opportunities for the Ethos P&C team under Ryan Specialty’s ownership.”
