Ryan Specialty closes UK unit sale to Towergate parent KIRS

US-based Ryan Specialty Group has completed the  sale of its UK insurance services and claims management subsidiary Ryan Direct Group (RDG) to newly-formed holding KIRS Group.

KIRS Group is the new UK insurance intermediary formed from the merger of Towergate and Nevada Investments. KIRS is backed by private equity firms HPS Investment Partners and Madison Dearborn Partners.

Following the deal, the senior leadership team of Doncaster, UK-based RDG, led by CEO Derek Coles, and CFO Scott Hough, will continue to lead the business, which will operate under the name Direct Group.

Patrick Ryan, founder, chairman and CEO of Ryan Specialty Group, commented: "RDG is a strong company that is a great strategic fit with their new organization. We are pleased that our Direct Group colleagues are joining a firm that will continue to enhance their opportunities."

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