Bermudian-based Ascot Group, the global specialty insurer and reinsurer, has completed the sale of the property and casualty managing general underwriters owned by Ethos Specialty Insurance LLC to Ryan Specialty, the international specialty insurance firm.

Ethos P&C was founded in 2017 by Ascot Group and will become a part of the Ryan Specialty Underwriting Managers division of Ryan Specialty.

Ethos’ Transactional Liability MGU is not included in the transaction and will remain with Ascot.

Ethos P&C consists of eight programmes that underwrite on behalf of a diversified panel of insurance carriers. They generated approximately $11 million of operating revenue for the 12 months ended June 30.