Ryan Specialty Group has agreed to acquire US-based wholesale insurance brokerage firm Boston Insurance Specialists for an undisclosed price.
Boston Insurance Specialists, which has offices in Mansfield and Westfield in Massachusetts, is an excess and surplus lines broker.
The company offers insurance solutions for retail agents who require access to specialty markets and programs.
Established in 2001, the company is a family-owned business headed by its founders Debbie Murphy and Peggy Giancola. Its specialty product solutions include property, casualty, personal lines and professional liability.
The company, which calls itself as a managing general agent (MGA), serves all New England States.
Following the acquisition by Ryan Specialty Group, Boston Insurance Specialists will come under R-T Specialty (RT Specialty), the former’s wholesale brokerage unit. The Massachusetts-based broker is expected to boost the footprint of RT Specialty in New England.
RT Specialty chairman and CEO Tim Turner said: “I have known Debbie and Peggy for many years and have great respect for them and the firm they have built. Their knowledge and level of service is top among their peers. We’re thrilled to have them join the RT Specialty team.”
According to Ryan Specialty Group, Boston Insurance Specialists represents and has binding authority with certain leading excess and surplus lines carriers in the US and London. The global specialty insurance company said that the greatest strength of the brokerage firm is the quality and experience of its professionals along with the ability to quickly address the needs of its clients.
Murphy said: “We are excited about joining RT Specialty. We view this evolution of our firm as a fantastic opportunity to maintain our local presence while expanding the products and services we offer to our retail broker clients.”
In August 2018, Ryan Specialty Group completed the acquisition of certain assets of ARC Specialty Brokerage from ARC Excess & Surplus (ARC) for an undisclosed price. The acquired assets became a part of R-T Specialty.
Established in 2010, Ryan Specialty Group comprises RT Specialty, and an underwriting management organization, dubbed RSG Underwriting Managers, which in turn is made up of more than 20 individual underwriting companies.