Global speciality insurer Ryan Specialty has closed the acquisition of the property and casualty (P&C) managing general underwriters (MGUs), owned by Ethos Specialty Insurance (Ethos P&C), from Ascot Group.
Financial details of the deal were not revealed.
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The definitive agreement on the acquisition was signed early in September 2024.
Ethos P&C MGUs, established in 2017 by Ascot Group, will now integrate into the Ryan Specialty Underwriting Managers (RSUM) division.
This acquisition further includes eight programmes that underwrite a diverse range of insurance carriers.
Ethos P&C has specialised in various sectors within the property division, such as manufacturing, processing and warehousing, and offers casualty coverages for New York real estate companies, contractors and CleanTech general liability, among others.
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By GlobalDataFor the 12 months ending 30 June 2024, Ethos P&C reported operating revenue of approximately $11m.
This figure pertains to the revenue generated by the business units acquired and has not been audited.
The latest deal excludes Ethos’ Transactional Liability MGU, which Ascot Group will retain.
Ascot Group is owned by global investment management entity Canada Pension Plan Investment Board (CPP Investments).
CPP Investments manages the Canada Pension Plan’s assets in the best interest of more than 22 million contributors and beneficiaries. It is Canada’s largest pension fund, with net assets totalling C$646bn ($478bn).
Ryan Specialty, founded in 2010, is known for providing specialty products and solutions for insurance brokers, carriers, and agents.
The company offers various services that include distribution, product development, underwriting, administration, as well as risk management, operating as a wholesale broker and managing underwriter with authority delegated from insurance carriers.
In July 2024, Ryan Financial Lines (RFL), the financial lines MGU of Ryan Specialty, rebranded and expanded its product offerings to expand its global presence and offer a complete range of financial lines products and services.
