Ryan Specialty
-
The carrier will reassess the market in the fourth quarter, or early in 2025.
-
The MGA platform has been under auction since last year.
-
-
Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
-
The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
-
Devers’ was on the board of Ryan Specialty since 2013.
-
The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
-
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.
-
He was previously president of Kelly Underwriting Services, now part of CorRisk.
-
In Q3, inorganic growth added over four percentage points to the brokerage’s top line, as multiples remain “pretty consistent”.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Anthony Kuczinski has over 38 years of (re)insurance experience, including 15 years as president and CEO of Munich Reinsurance US Holdings.
-
The medical stop-loss MGU produces annual revenue of around $25mn.
-
Rate declines have not been as pronounced in private D&O, though competition is increasing.
-
Guerville has worked at Ryan Specialty for nearly seven years in various positions, including actuarial director, director of underwriting and deputy CUO.
-
Additionally, the recent takeovers of medical stop-loss firms Ace Benefit and Point6 accounted for an aggregate cash consideration of $46.8mn.
-
The company has yet to see the standard market meaningfully impact rate or flow in the aggregate.
-
The Inside P&C news team runs you through the earnings results for the day.
-
The pair will retain their leadership roles for MGUs WKFC, CorRisk and AgRisk.
-
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.
-
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%.
-
The company also named Jeff Smith as president and CUO of the MGU.
-
Both executives were serving as presidents of their respective divisions at the brokerage arm.
-
Singhvi most recently served as the company’s COO after joining the firm in 2018.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
In addition, the wholesale broker disclosed a $7.7mn consideration in the takeover of certain assets of Centurion Liability Insurance Services.
-
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.
-
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.
-
This marked a 5.1-point slowdown compared to the prior-year period.
-
The company plans to provide both primary and excess layers coverage across the region, depending on the opportunities in each territory.
-
The newly formed structure combines the operations of New York-based Concord Specialty Risks and London-based Ryan Specialty Transactional Risks International.
-
The business is a binding authority and wholesale broking specialist, with annual revenues of $23mn.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.