Ryan Specialty
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The MGA platform has been under auction since last year.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
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Devers’ was on the board of Ryan Specialty since 2013.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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The subsidiary will offer clients and capital providers a wide-ranging, single platform of financial lines products, with operations across the US, Europe, LatAm and London.
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He was previously president of Kelly Underwriting Services, now part of CorRisk.
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In Q3, inorganic growth added over four percentage points to the brokerage’s top line, as multiples remain “pretty consistent”.
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The Inside P&C news team runs you through the earnings results for the day.
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Anthony Kuczinski has over 38 years of (re)insurance experience, including 15 years as president and CEO of Munich Reinsurance US Holdings.
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The medical stop-loss MGU produces annual revenue of around $25mn.
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Rate declines have not been as pronounced in private D&O, though competition is increasing.
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Guerville has worked at Ryan Specialty for nearly seven years in various positions, including actuarial director, director of underwriting and deputy CUO.
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Additionally, the recent takeovers of medical stop-loss firms Ace Benefit and Point6 accounted for an aggregate cash consideration of $46.8mn.
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The company has yet to see the standard market meaningfully impact rate or flow in the aggregate.
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The Inside P&C news team runs you through the earnings results for the day.
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The pair will retain their leadership roles for MGUs WKFC, CorRisk and AgRisk.
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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.
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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.