Ryan Specialty snaps up Lodestar Marine
Ryan Specialty Group (RSG) has reached a definitive agreement to acquire Lodestar Marine, a managing general agent (MGA) in the protection and indemnity (P&I) fixed premium marine market.
Following the transaction, Lodestar’s operations will become part of Ryan Specialty's managing general underwriting division RSGUM. Charles Dymoke and John Hearn will join RSG as executive directors of Lodestar and will continue to lead Lodestar going forward.
Lodestar operates in the “non-IG” P&I market and is one of the few providers offering limits of liability up to $1 billion. Led by RSA Insurance Group in the primary (up to $500 Million), it offers owners, charterers and operators P&I and additional covers for vessels up to 40,000 gross tonnage worldwide.
“Lodestar’s commitment to innovation and service to understand, guide and protect their clients aligns well with RSG’s values and approach to business,” said RSG Underwriting Managers CEO Mike Rice.
"Charles and John have a wealth of underwriting experience, and their global reach significantly expands RSG’s marine offerings. We are very pleased to have Lodestar as a part of the RSG family,” Rice added.
Jorge Pecci, marine practice head at RSG, added: “Lodestar will strengthen our marine practice, and provides a solid foundation for further expansion into other marine lines with physical presence and access to the London market and a unique distribution network.”
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