Ryan Specialty buys US broker with expertise in complex lines
International specialty insurance firm Ryan Specialty has struck a new acquisition deal with a national wholesale broker that has expertise in complex lines of business such as management, professional and cyber liability, as well as property and casualty insurance.
Ryan Specialty has signed a definitive agreement to acquire Socius Insurance Services, a broker headquartered in Northern California, from Abry Partners and other shareholders. Socius will become a part of RT Specialty, Ryan Specialty’s wholesale distribution specialty.
The company believes the transaction will provide complementary scale and distribution capabilities to RT Specialty in key hubs such as San Francisco, Miami, and Tampa. Socius generated approximately $40 million of revenue for the 12 months ended April 30, 2023.
The acquisition is expected to close in July 2023.
Tim Turner, president of Ryan Specialty and chairman and CEO of RT Specialty, said: “We are thrilled to have the high-quality Socius team join Ryan Specialty. We have known them for many years and admire their professional approach to the business, technical acumen, and phenomenal execution. We look forward to embracing these talented individuals and providing even more opportunities to them as they become a part of the RT Specialty platform.”
Patrick Hanley, co-founder, president, and CEO of Socius, remarked: “We look forward to joining the Ryan Specialty family and know that this is the right fit for the teammates of Socius. From the beginning of our firm, we have been committed to doing things ‘the right way’ – winning our clients’ trust through expertise and dedication. Moreover, we have created an exciting, rewarding, and collaborative work environment for our employees to maximize their potential. We believe that Ryan Specialty embraces these same values and culture. By joining forces with RT Specialty, we are positioning our professionals with a platform that will further accelerate their growth.”
Nathan Ott, partner, Abry Partners, added: “During our partnership with Socius, we have seen dramatic growth as the business has consistently outperformed. In combining with Ryan Specialty, we have every confidence that Socius is poised to achieve its next level of growth. We wish the Socius team continued success.”
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