Bermudian-based Ascot Group Ltd has agreed to sell 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 and will become a part of the Ryan Specialty Underwriting Managers division of Ryan Specialty.

Ethos’s 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.

Jonathan Zaffino, Ascot Group chief executive and president, said: “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 programmes 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 optimisation 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.