Ascot Group forms standalone MGA, Ethos Specialty
London-based Ascot Group has formed a standalone managing general agent (MGA) called Ethos Specialty Insurance Services with Michael Sillat appointed as its CEO, effective 1 December 2017.
Ascot says the formation of Ethos represents an important step in its long-term strategy to build a global property and casualty insurance and reinsurance platform. Ascot Group was formed by Canada Pension Plan Investment Board (CPPIB), after it acquired Ascot Underwriting’s operations in 2016.
Prior to Ethos, Michael Sillat spent 15 years at WKFC Underwriting Managers, where he initially started as chief financial officer, took on the role of chief operations officer in 2008, and became CEO in 2011.
“I am very much looking forward to joining the team and building what will be the preeminent MGA in the specialty arena,” Mr Sillat said.
Justin Meizlik has joined the new company as chief operating officer. Mr Meizlik was head of audit and programme implementation at WKFC Underwriting Managers.
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.”
Ethos will operate as a separate entity to the other AGL businesses: Ascot Underwriting Ltd (Syndicate 1414 at Lloyd’s) and Ascot Underwriting Bermuda Limited.
Ascot also announced the appointment of Greg Wolyniec as head of global strategy. Mr Wolniec was previously senior managing director at AIG, leading strategic and innovation efforts for AIG’s global commercial business.
