Aspen to back RSG’s $2bn international underwriting managers business
Bermuda-based re/insurance group Aspen has struck a deal to “materially” expand its participation in Ryan Specialty Group (RSG), providing capacity to seven Ryan Specialty Underwriting Managers’ MGUs in the US and Europe.
The deal will see Aspen support RSG’s $2 billion international underwriting managers business and its objectives. With effect from January 1, 2022, Aspen has joined an additional seven programmes, three in the US and four in Europe, from Ryan Specialty Underwriting Managers’ MGU portfolio.
In re/insurer believes the arrangement harnesses the full scope of Aspen’s capabilities in insurance, reinsurance and capital markets.
“This expanded trading partnership showcases Aspen’s comprehensive capabilities, combining insurance, reinsurance and capital markets to deliver an innovative, risk transfer solution,” said Mark Cloutier (pictured), executive chairman and group chief executive officer (CEO) of Aspen.
“We believe that this agreement is a blueprint for creative capital deployment, exemplifying our purpose to bring ‘clarity from complexity’,” he added.
Pat Ryan, founder, chairman and CEO, Ryan Specialty, added: “We’re excited about our substantially broadened delegated authority relationship with Aspen. Moreover, we are appreciative of their confidence in our underwriting capabilities and of their commitment to progressive solutions.”
Bruce Eisler, CEO US, and chief underwriting officer, Aspen Insurance, commented: “In conjunction with Ryan Specialty, we contemplated the existing structure of each binder and had to develop a creative solution relative to capital deployment through our U.S./U.K. companies and Lloyd’s Syndicate 4711 to bring this to fruition. The trading partnership is a great testament to our technical underwriting capabilities and strong collaboration across our global platforms and products.”
Miles Wuller, president and CEO of RSG Underwriting Managers, said: “We greatly appreciate Aspen’s innovation bringing coordinated insurance capital to support our $2.0bn international Underwriting Managers business and its objectives. We now benefit from their syndicated support across nine of our MGUs. We thank the Aspen team for their trust of our delegated underwriting stewardship.”
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