Blog — February 22, 2023
Ethos Specialty is a dynamic Managing General Underwriter (MGU) focused on developing specifically targeted and highly performing specialty insurance risk portfolios, supported by superior underwriting and distribution capabilities; attracting the best-in-class underwriters, brokers and capital partners. Our ambition is to deliver a leading-edge ecosystem of risk management capabilities and services; bringing innovation to traditional specialty risks and incubating new products to address the exposures of today and tomorrow.
We are a proud member of the Ascot Group family, one of the world’s pre-eminent specialty risk assumption organizations.
Ascot Group is a modern-era insurance and reinsurance company, operating through an eco-system of inter-connected global platforms, focused on three core business activities – Insurance, Reinsurance and Underwriting Services. This dynamic Capital and Services model lets us scale according to market opportunity; it optimizes risk-adjusted returns, and delivers consistent outperformance.
Ascot’s unique, worldwide ecosystem allows us to source risk through multiple distribution channels, and assume risk through a diverse set of underwriting platforms: Lloyd’s, U.S., Bermuda, and Ethos Specialty (our owned affiliate).
One Ascot guides our people and our organization. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. Ascot Group collaboration is powered by technology — a core component of our Fusion Model.
A client value proposition focused on speed, channel management, and specialization.
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“This is an outstanding example of how insurtechs and insurers can partner to bring innovation to the cargo insurance market at a time when supply chain interruptions demand new thinking and new products from Lloyd’s,” said Andrew Brooks, CEO of Ascot Group. “The power of Parsyl’s data is what enables them to respond quickly to customer needs, eliminate or reduce adjustment costs, and drive down expense ratios – something that benefits clients and insurers alike. We’re thrilled to be backing this truly unique offering.”
Parsyl is able to assess risk and process claims quickly by using its data to understand exactly what happened to goods at any point in the supply chain. The featured product within the suite, ColdCover Parametric, includes customizable quality triggers and payout levels. Parametric coverage is based on product-specific degradation algorithms, which help Parsyl to understand if, when and where products have experienced spoilage during shipment or storage. Parsyl automatically analyzes data and informs customers of temperature breaches. When issues occur, payment is made in 72 hours, giving shippers the cash they need to bounce back from a loss.
This is an outstanding example of how insurtechs and insurers can partner to bring innovation to the cargo insurance market at a time when supply chain interruptions demand new thinking and new products from Lloyd’s”
Andrew Brooks, CEO of Ascot Group
“This is an outstanding example of how insurtechs and insurers can partner to bring innovation to the cargo insurance market at a time when supply chain interruptions demand new thinking and new products from Lloyd’s,” said Andrew Brooks, CEO of Ascot Group. “The power of Parsyl’s data is what enables them to respond quickly to customer needs, eliminate or reduce adjustment costs, and drive down expense ratios – something that benefits clients and insurers alike. We’re thrilled to be backing this truly unique offering.”
Parsyl is able to assess risk and process claims quickly by using its data to understand exactly what happened to goods at any point in the supply chain. The featured product within the suite, ColdCover Parametric, includes customizable quality triggers and payout levels. Parametric coverage is based on product-specific degradation algorithms, which help Parsyl to understand if, when and where products have experienced spoilage during shipment or storage. Parsyl automatically analyzes data and informs customers of temperature breaches. When issues occur, payment is made in 72 hours, giving shippers the cash they need to bounce back from a loss.
This is an outstanding example of how insurtechs and insurers can partner to bring innovation to the cargo insurance market at a time when supply chain interruptions demand new thinking and new products from Lloyd’s”
Andrew Brooks, CEO of Ascot Group
Our global operating platform is a unified system, aligned around common underwriting, product, and distribution strategies. We call it A Single View of Risk. This differentiated organizational principle lets us originate specialty risks across the globe, responding with speed, capacity, and innovative product solutions, so you and your clients can realize your boldest dreams.
Cutting-edge digital strategies power our knowledge sharing and operating efficiency, driving a differentiated client experience.
Leading enterprise risk management supports our robust, diverse capital structure, designed to help solve your most pressing risk issues. This dynamic capital model lets us scale according to market opportunity. It optimizes risk-adjusted returns, delivering consistent outperformance. Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world class service — both pre and post-claims.
Ascot’s greatest strength is our engaged employees. Our talented team members flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way.
Ascot Underwriting is the managing agency for Syndicate 1414 at Lloyd’s. It continues to shine as one of the best-performing syndicates since the company’s formation in 2001. Offering a broad range of property and casualty products, it serves a wealth of sectors, industries, and leading multinational companies. The deep diversity of served client types attests to the unmatched quality of Ascot’s underwriting.
In the United States, Ascot delivers specialty P&C and financial lines insurance products. Launched in 2019, the company works through local retail and wholesale brokers, with a focus on small to mid-sized commercial customers. Ascot U.S. underwrites on behalf of Ascot Insurance Company and Ascot Specialty Insurance Company, both rated A (Excellent) by A.M. Best.
Launched in 2014, Ascot Bermuda offers property catastrophe, casualty, and specialty reinsurance products worldwide, delivering high-level excess and professional liability insurances across a wide range of industry classes. Ascot Bermuda custom-manages the group’s alternative capital vehicles and is rated A (Excellent) by A.M Best.
Ethos Specialty is a leading managing general underwriter (MGU) based in the United States. Developing industry-specific insurance programs, it provides specialized underwriting services on behalf of high-quality carrier and syndicate partners. Headquartered in New York City, Ethos was launched in 2017.
$420.4B
CPP Fund net assets
$609B
Projected CPP Fund assets by 2025
$1,638B
Projected CPP Fund assets by 2040
10.4%
10 year annualized rate of return (net nominal)
Executive Vice President, Specialty Casualty
Adam Schnell
Executive Vice President, Specialty Casualty
Adam joined Ethos Specialty in 2017 as Executive Vice President, Specialty Casualty. He has over 25 years’ experience in the insurance business, starting as a claims adjuster handling casualty claims for real estate, hospitality, construction and products, and subsequently transitioning to a casualty underwriting role in these same industry segments. Prior to joining Ethos, Adam held leadership positions with increasing responsibilities at Mutual Marine, ACE, Aspen, and most recently, with Ryan Specialty Group Underwriting Managers.
Executive Vice President, Financial Products
Jonathan Legge
Executive Vice President, Financial Products
Jonathan is responsible for strategic partnerships at Ethos Specialty, overseeing relationships with brokers and third-party capital partners . Prior to joining Ethos, Jon led RT ProExec’s T, Bankruptcy and Private Equity practices.
Jon began his career at AIG in 1992 and transitioned to a broking role in 1996 with Johnson & Higgins, which was subsequently acquired by Marsh. At Marsh, Jon held positions of increasing authority culminating as the leader of the company’s FINPRO global private equity practice. While there, he also placed one of the first United States reps and warranties policies. In 2008, Jon co-founded Vanbridge, where he developed numerous insurance products focused on executive risk and private equity while continuing to broker transactional liability programs.
Executive Vice President, Transactional Liability
Navine Aggarwal
Executive Vice President, Transactional Liability
Navine launched the transactional liability insurance platform at Ethos Specialty in 2017 and leads a team of underwriters based in New York, Toronto and Atlanta. Previously, Navine ran the Americas division for Ironshore’s transactional liability group and contributed significantly to the build-out of Allied World’s transactional liability group in North America. Prior to working in the insurance industry, Navine practiced law in Ropes & Gray’s private equity practice in New York and spent time in investment banking. Navine has earned BBA, J.D. and MBA degrees.
Chief Executive Officer, Ethos Specialty
Nick Greggains
Chief Executive Officer, Ethos Specialty
Nick serves as Chief Executive Officer for Ethos Specialty, responsible for the overall operations of the company and its strategic growth. With over 30 years of experience in the insurance industry, Nick has held several executive management roles both on the carrier side and in delegated authority. He recently served as CEO of Pioneer Underwriters (MGA). Prior to that, Nick served as CEO of XL Catlin Canada and spent 10 years as Chief Underwriting Officer for Catlin U.S.
