RSG, based in Chicago, Illinois and All Risks, based in Delray Beach, Florida are said to have a national footprint across the US
International speciality insurance firm Ryan Specialty Group (RSG) has signed a merger agreement with wholesale insurance broker All Risks.
The merger is expected to enable both the insurance specialists to complement each another in transactional wholesale distribution and managed underwriting businesses.
RSG, based in Chicago, Illinois, and All Risks, based in Delray Beach, Florida are said to have a national footprint across the US, in addition to RSG’s European operations.
RSG founder, chairman and CEO Patrick G Ryan said: “We are pleased to join with a company that has an outstanding culture, exceptional talent and is a strong strategic fit with Ryan Specialty Group.
“We both have established ourselves as leading participants in the speciality insurance distribution sector. RSG has always admired the high quality of talent at All Risks and their very strong management teams, led by Nick Cortezi and Matt Nichols. Both Nick and Matt will continue in senior executive roles.
“Because of the similar cultures, long term strategy, and high quality of people, together, the resultant blended firm will create an even stronger, enhanced trading partner with a broader offering of services for our clients and insurance carriers.
“The opportunities for our employees are even more robust by the merging of our two firms. I’m very bullish on our future together and the additive value that we will bring to the industry.”
RSG and All Risks are speciality insurers with a national footprint across the US
RSG comprises RT Specialty, a wholesale brokerage firm, and RSG Underwriting Managers, a speciality underwriting organisation which contains 21 specialised managing general underwriters. The company is approaching $12bn in premium in 2020.
All Risks was established in 1964, as a single office excess and surplus lines brokerage facility and became a national wholesale broker, managing general agency, and program administrator.
The company said that its continued reinvestment in talent since 30 years has resulted in an 18% average annual organic growth rate, and is projecting $2.6bn in premium in 2020.
For the transaction, J.P. Morgan, along with Barclays, and BMO Capital Markets served as financial advisors, and J.P. Morgan alone served as M&A advisor to RSG while Reagan Consulting served as M&A advisor to All Risks.
All Risks CEO Nick Cortezi said: “We could not be more excited to join forces with RSG. Over the past decade, both All Risks and RSG have invested significantly in developing the talent, the tools, and the resources necessary to provide opportunity to our people and exceptional service to our clients.
“Our strengths are complementary. In coming together to form one unified company, we are positioning ourselves to the greater benefit of our employees, our retail partners, and our carrier partners.
“Matt Nichols and I have known and admired Pat Ryan and Tim Turner for many years. We and the All Risks leadership team look forward to working with them and supporting them in the years to come.”