Ryan Specialty unveils innovative arrangement with US insurer Nationwide
Ryan Specialty Group and US-based insurer Nationwide have entered an innovative partnership that they claim will address the unmet needs in the specialty insurance marketplace.
The new strategic arrangement builds upon their joint venture relationship, first entered into in May 2019, that established Bermuda-based reinsurer Geneva Re.
The partnership provides Ryan Specialty with limited exclusive access to insurance capacity on Harleysville of New York paper to support alternative risk placements. Harleysville of New York carries Nationwide’s rating of A+ by both AM Best and S&P.
The capital provided will be either via traditional risk transfer through Ryan Specialty’s managing general underwriters or an alternative risk placement through the formation of a captive or other strategy and operated in conjunction with Ryan Specialty’s leader in alternative risk placements, Keystone Risk Partners.
Ryan Specialty executes its alternative risk strategy by working with its retail broker trading partners to provide a supplement to traditional insurance capacity, both in the admitted and E&S markets, or to provide an insurance solution when more conventional capacity is not available to address the needs of the insured at a price the insured will accept.
Patrick Ryan (pictured), founder, chairman and CEO of Ryan Specialty, said: “We are excited about the opportunity that this new agreement allows Ryan Specialty and Nationwide. There are many risks within the specialty insurance market that are not being serviced fully, where conventional insurance isn’t totally addressing the needs of the client.
“This arrangement allows for agility and innovation with a world-class financial institution whose financial ratings and performance are remarkable. We are very proud to build upon our joint venture relationship as we continue to deepen our strategic alignment with Nationwide in order to provide true value add to the industry.”
Russ Johnston, president of E&S/specialty at Nationwide, added: “This is a natural extension of the existing joint venture we already have under the Geneva Re partnership. We look forward to continuing to grow with Ryan Specialty, who is one of our largest E&S / Specialty distribution partners. “
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