Ryan Specialty Group (RSG) has announced a strategic partnership with Nationwide to establish a new reinsurance company, known as Geneva Re, which will be based in Bermuda.
Geneva Re is equally owned by Nationwide and Ryan Specialty Group along with its related investors. Michael O’Halleran has been appointed as Geneva Re’s executive chairman.
Ryan Re, a subsidiary of RSG, will serve as the exclusive underwriting manager for Geneva Re.
RSG founder, chairman and CEO Patrick Ryan said: “We are proud and excited to partner with Nationwide, a world-class financial institution whose financial ratings and performance are unquestionable.
“RSG and its operating companies, RT Specialty and RSG Underwriting Managers, look forward to expanding the already successful relationship we have enjoyed with the Nationwide companies since our inception in 2010, and further enhancing this partnership with Geneva Re and Ryan Re.
“It has been our goal since RSG’s formation to more fully align our interest with our clients. Through Geneva Re, we will be able to accomplish this objective.”
RSG stated that its underwriting programs will enable Geneva Re to accept a portfolio of reinsurance business immediately.
Subject to the approval of the Bermuda Monetary Authority, the reinsurance joint venture is expected to commence underwriting business from 1 July 2019.
Furthermore, Ryan Re will be appointed as the exclusive underwriting manager by Nationwide for third-party property and casualty treaty reinsurance business flowing through Geneva Re.
Nationwide property and casualty president and chief operating officer Mark Berven said: “We look forward to furthering our relationship with Ryan Specialty Group, who is today one of our largest E&S/specialty distribution partners.
“This relationship will create new opportunities for both organizations to expand our reach and serve additional niche markets that are currently underserved.”
Earlier this month, RSG wrapped the acquisition of International Specialty Insurance Services (ISI), a general underwriter with offices in North Carolina, for an undisclosed amount. Following the deal, ISI will now become part of RSG Underwriting Managers, the managing general underwriting unit of RSG.