Ryan Specialty Group (RSG), a Chicago-based insurance holding company, has agreed to acquire 100% of the share capital of specialist Lloyd's insurer Jubilee Group Holdings.
Jubilee Group owns Jubilee Managing Agency and the distribution and administration businesses Lutine Assurance Services, Jubilee Service Solutions and Amsterdam-based Jubilee Europe.
Under the transaction, RSG does not intend to acquire the existing corporate members for the three Jubilee Syndicates 779, 5820 and 1231.
RSG chairman and CEO Patrick Ryan said Jubilee is a strategically important acquisition for RSG. It provides us with direct access to the Lloyd’s market and represents a key cornerstone of our strategy to provide specialty expertise and commitment to insurance underwriters, brokers and agents across a single, unique platform.
The transaction is subject to Lloyd’s and FSA approval.