Ryan Specialty Group (RSG) has signed an agreement to acquire the assets and operations of International Specialty Insurance Services (ISI) for an undisclosed amount.
RSG is an international specialty insurance organization which includes a wholesale brokerage firm and managing general underwriting companies designed specifically for brokers, agents and insurers.
Winston-Salem, North Carolina-based ISI, which was founded in 1991, has been offering high-value disability and other related insurance products to athletes, entertainers, physicians and other high-earning professionals.
The company offers products under the heads Athletes, Motorsports, Entertainers, Physicians, Executives, Entertainers and Pilots.
After the completion of acquisition, ISI will become part of RSG Underwriting Managers (RSGUM), the managing general underwriting unit of Ryan Specialty Group.
ISI is touted to have knowledge in high-value disability market and has continued developing new products and programs that can address the evolving needs of its clients in the space. Acquiring a company with know-how could help RSG gain foothold in the high-value disability insurance market.
The company is privately owned and led by Matthew Ferraro, Joseph Ferraro, and Christopher Larcheveque. All these along with the whole team at ISI, will remain with the business under the new RSG ownership, Ryan Specialty Group stated.
RSG founder, chairman and CEO Patrick G Ryan said: “We are very much looking forward to having the professionals at ISI join our team at RSG. They have carved out a market niche and developed an expertise that complements the other businesses within our managing general underwriting division, RSGUM.
“With their high level of professionalism and underwriting acumen, we couldn’t be more pleased that ISI will be a part of our family.”
ISI managing director Matthew Ferraro said: “We are thrilled to be joining RSG and look forward to expanding our business on their efficient and superb platform. Developing new products will continue to be a critical element of expanding the business’ addressable market and driving growth. The RSGUM model is the perfect fit to allow us to capitalize on this goal.”
Earlier this month, the Chicago-based insurance underwriting company, had acquired Boston Insurance Specialists (BIS), a Massachusetts-based wholesale insurance brokerage firm. BIS team is now part of R-T Specialty, the wholesale brokerage unit of RSG. The agreement to acquire BIS was announced last month.