Ryan Specialty Signs Definitive Agreement To Acquire Ethos Specialty Insurance’s P&C MGUs From Ascot Group Limited
2024年9月3日 - 9:00PM
ビジネスワイヤ(英語)
Ryan Specialty (NYSE: RYAN), a leading international specialty
insurance firm, is pleased to announce it has signed a definitive
agreement to acquire the Property and Casualty (“P&C”) MGUs
owned by Ethos Specialty Insurance, LLC (“Ethos P&C”) from
Ascot Group Limited (“Ascot Group”). Ethos P&C was founded in
2017 by Ascot Group and will become a part of the Ryan Specialty
Underwriting Managers (“RSUM”) division of Ryan Specialty. Ethos’
Transactional Liability MGU is not included in the transaction and
will remain with Ascot.
Ethos P&C comprises eight programs which underwrite on
behalf of a diversified panel of insurance carriers. In the
property division, the firm specializes in manufacturing,
processing & warehousing, excess property, wind deductible
buydowns, and all other perils buydowns. Ethos P&C’s casualty
coverages include New York contractors, construction wraps, real
estate and CleanTech general liability.
Remarking on this acquisition, 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, commented,
“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. 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.”
Ethos P&C generated approximately $11 million of operating
revenue for the 12 months ended June 30, 2024.1
Terms of the transaction were not disclosed. The acquisition is
expected to close during September 2024.
Evercore served as exclusive financial advisor to Ascot.
About Ryan Specialty Founded in 2010, Ryan Specialty is a
service provider of specialty products and solutions for insurance
brokers, agents, and carriers. Ryan Specialty provides
distribution, underwriting, product development, administration,
and risk management services by acting as a wholesale broker and a
managing underwriter with delegated authority from insurance
carriers. Our mission is to provide industry-leading innovative
specialty insurance solutions for insurance brokers, agents, and
carriers. Learn more at ryanspecialty.com.
About Ascot Group Ascot Group is a global specialty
insurance and reinsurance group with a record of underwriting
excellence and superior claims service. Founded in 2001, Ascot
provides a broad range of customized property and casualty products
to customers worldwide through its Lloyd’s, Bermuda and US market
platforms.
Ascot Group is owned by Canada Pension Plan Investment Board
(CPP Investments), a global investment management organization that
manages the assets of the Canada Pension Plan (CPP) in the best
interest of the more than 22 million contributors and beneficiaries
of the CPP. CPP Investments is the largest pension plan fund in
Canada, totalling C$646 billion in net assets. CPP Investments is
rated ‘AAA’ by S&P and Moody’s. For more information on Ascot,
please visit www.ascotgroup.com.
1 Revenue attributable to the acquired
business for the trailing twelve-month period ending June 30, 2024.
This figure has not been audited.
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version on businesswire.com: https://www.businesswire.com/news/home/20240903226427/en/
Ryan Specialty Contact:
Media Alice Phillips Topping Chief Marketing &
Communications Officer Ryan Specialty
Alice.Topping@ryanspecialty.com +1 312-635-5976
Investor Relations Nicholas Mezick Director, Investor
Relations Ryan Specialty IR@ryanspecialty.com +1 312-784-6152
Ascot Group Contact:
Media Kristina Corso Prosek Partners
pro-ascot@prosek.com +1 908-278-6225
Ryan Specialty (NYSE:RYAN)
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から 9 2024 まで 10 2024
Ryan Specialty (NYSE:RYAN)
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