Ryan Specialty Group, a global specialty insurance company, has agreed to acquire certain assets of ARC Specialty Brokerage from ARC Excess & Surplus (ARC) for an undisclosed price.
Image: Ryan Specialty Group to acquire certain assets of ARC Specialty Brokerage. Photo: courtesy of Mike Johnson/Freeimages.com.
ARC Specialty is the P&C Division of ARC, which is a New York-based specialty wholesale insurance broker.
Ryan Specialty Group said that following the completion of the deal, ARC Specialty’s current professionals will work for its wholesale brokerage unit – R-T Specialty in its Long Island office in Melville, New York.
The global specialty insurance company further said that ARC Specialty will continue to operate in the wholesale space along with its MGU, Professionals Risk Facilities.
Based in Illinois, R-T Specialty offers wholesale brokerage and other services to agents and brokers. The insurance professionals to be added to it through the acquisition of ARC Specialty include Mike Vollaro, a wholesale brokerage professional and specialist in New York construction, and other current producers of ARC Specialty along with their respective assistants.
RT Specialty Group chairman and CEO Tim Turner said: “The expertise of Mike and his team will complement and strengthen RT’s prominent position in New York and specifically NY Construction. We are excited to have the professionals from ARC Specialty join our team.”
Last month, Ryan Specialty Group secured an equity investment of $150m and $25m of common equity from Onex. The company said that the new investment will create capital for it to continue its growth strategy and merger and acquisition activity.
Established in 2010, Ryan Specialty Group is made up of the wholesale brokerage firm – RT Specialty, and an underwriting management organization – RSG Underwriting Managers, which comprises 22 individual underwriting companies.
Also in June, the specialty insurance company completed the acquisition of Lodestar Marine, which has been placed under the RSG Underwriting Managers.
Ryan Specialty Group also announced the expansion of its managing underwriting strategy in the same month by launching a reinsurance managing general underwriter dubbed as RyanRe Underwriting Managers.
Working via reinsurance brokers, RyanRe will underwrite treaty and facultative reinsurance and will be engaged in the property, casualty and professional liability areas, said the company.