Ryan Specialty
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Onex reduced its position in the wholesaler by almost two-thirds to nearly 3.7% from around 11.3%, while president Tim Turner sold ~700,000 of his nearly 4.9 million shares. -
Founded in 1997, Socius provides management, professional and cyber liability and P&C insurance.
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Executives were speaking after the broker reported Q4 earnings, in which organic growth accelerated 2.6 points sequentially but slowed 7.2 points year-on-year to 12.9%.
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The company also named Jeff Smith as president and CUO of the MGU.
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Both executives were serving as presidents of their respective divisions at the brokerage arm.
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Singhvi most recently served as the company’s COO after joining the firm in 2018.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In addition, the wholesale broker disclosed a $7.7mn consideration in the takeover of certain assets of Centurion Liability Insurance Services.
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The firm said the loss is related to replacement coverage costs from policies that were placed in 2022 but were underwritten by an unsatisfactory carrier.
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The broker earlier reported that its Q4 organic growth decelerated 3.4 points sequentially and 5.1 points year-on-year to 10.3%, amid an overall public broker market slowdown.
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This marked a 5.1-point slowdown compared to the prior-year period.
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