Ryan Specialty Group (RSG) has agreed to acquire Edmond, Oklahoma-based Westphalen Insurance Services 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.
Westphalen Insurance Services is a family-run business, established in 1987. The company focuses on property and casualty, personal lines and transportation.
The company is touted to have binding authority commitments within each segment with ‘A’ rated XV carriers and claims to offer superior solutions and services.
RT Specialty chairman and CEO Tim Turner said: “We are very excited to have Jeff and his team at Westphalen join RT Specialty. The Oklahoma City market is one that we’ve been targeting and have been looking for the right broker; Westphalen is that broker. We couldn’t be happier to establish our presence with this team.”
Westphalen Insurance Services president Jeff Westphalen said: “Our whole team is looking forward to the opportunity of being a part of RT Specialty. We will be able to offer our clients and carriers higher volume and larger markets on the outstanding platform that RT Specialty has built. It is the right move for our company and our clients and will open new opportunities for us all.”
Earlier this month, RSG acquired Boston Insurance Specialists (BIS), an wholesale insurance brokerage which operates from offices across Mansfield and Westfield, Massachusetts.
BIS’ team is now part of R-T Specialty, the wholesale brokerage unit of RSG. The agreement of acquisition was announced in January this year.
RSG was founded in 2010 by Patrick Ryan, the founder and former chairman and CEO of Aon Corporation. Headquartered in Chicago, Illinois, the company has about 1,700 employees with operations in North America, the UK and Europe.
The RSG family includes a wholesale brokerage operation, RT Specialty (RT), and a collection of managing general underwriting companies within RSG Underwriting Managers (RSGUM).