The investment is being made to support Ryan Specialty in its acquisition of Florida-based All Risks, which has just been wrapped up
Canadian private equity firm Onex said that it has made an incremental investment of around $110m in Chicago-based speciality insurance organisation Ryan Specialty Group (RSG).
The investment is being made to support Ryan Specialty’s previously announced acquisition of Florida-based All Risks, said the private equity firm. The companies finalised their merger yesterday.
Onex said that its preferred equity investment was made as a follow-on to its $175m investment made in Ryan Specialty in June 2018. The earlier investment was to help continue Ryan Specialty’s growth strategy and merger and acquisition activities.
Established in 2010, the speciality insurance firm has been engaged in providing wholesale brokerage and managing general underwriting services to retail insurance brokers and insurance carriers. The company is said to be nearing $12bn in premium in 2020.
Onex president Bobby Le Blanc said: “Under Pat Ryan’s leadership, RSG continues to impress us with its ability to profitably grow both organically and inorganically.
“The company continues to attract and retain top-tier talent and execute on its strategic vision. Onex is excited about the new partnership between RSG and All Risks and looks forward to continuing to support RSG’s future growth plans.”
The combination of All Risks and Ryan Specialty has nearly 3,300 employees and more than 70 offices across the US, the UK, and Europe. The enlarged firm is estimated to manage close to $15bn in premium during 2020, of which All Risks’ contribution is projected to be $2.6bn.
Ryan Specialty CEO comments on the closing of the merger with All Risks
Ryan Specialty chairman and CEO Patrick Ryan said: “To provide our clients the best solutions, we have brought together an exceptional group of brokers and underwriters.
“Along with the extraordinary talent that All Risks brings to the group, there are over 36 superb specialty programs, an industry leading training and development platform in All Risks University, and a deep, complementary culture.
“Further strengthened by the former All Risks team, Ryan Specialty Group is in prime position to continue to be nimble and innovative as we create products and find the answers that meet the ever-changing needs of the industry.”