Ascot has launched a standalone managing general agent (MGA) platform under the leadership of former Ryan Specialty Group (RSG) executive Mike Sillat.
Ethos Specialty Insurance Services is owned by Ascot Group Limited (AGL) and will operate as a separate entity to the Ascot Underwriting (Syndicate 1414 at Lloyd's) and Ascot Underwriting Bermuda divisions.
Sillat, who will become CEO of Ethos effective 1 December 2017, joins from RSG-owned MGA WKFC Underwriting Managers where he was most recently president and CEO. He originally joined WKFC in 2002 as CFO, then assuming the role of COO in 2008 before becoming CEO in 2011.
Once on board Sillat will work closely with global head of strategy Greg Wolyniec, who was recently hired by Ascot to lead strategic and investment initiatives and assist with the formation of a standalone MGA platform.
Meanwhile, Ascot also announced that another former WKFC executive, Justin Meizlik, had joined Ethos as COO of the business. Prior to joining, Justin served as head of audit and programme implementation at WKFC.
Ascot said that the formation of Ethos “represents an important step in AGL’s long term strategy to invest and build a global property and casualty insurance and reinsurance platform”.
The launch of Ethos comes eight months after the Canada Pension Plan Investment Board (CPPIB) completed its $1.1bn takeover of Ascot.
Commenting on the announcement, Ascot CEO Andrew Brooks said: “Leadership, operations, and controls are key to building any successful business, especially where the strategy is a combination of organic growth and M&A, such as is the case for Ethos.
“Michael and Justin’s multi-year experience in building and executing operating platforms for myriad MGAs and programmes will be invaluable as we begin to execute our strategy. We look forward to having them both on the Ethos team.”
Meanwhile, Sillat said that he was looking forward to “building what will be the preeminent MGA in the specialty arena”.