Ryan Specialty CEO 'bullish' on merger with US wholesale broker
US-based Ryan Specialty Group (RSG) and independent wholesale insurance broker All Risks have signed a definitive agreement to merge. Chief executive Patrick Ryan is "very bullish" on the company's future together.
Formed in 1964, All Risks has grown from an excess and surplus lines brokerage facility to a national wholesale broker, managing general agency, and programme administrator. All Risks is projecting $2.6 billion in premium in 2020.
Meanwhile, RSG is approaching $12 billion in premium in 2020.
RSG said the two firms are "insurance specialists with strengths that complement one another". RSG is headquartered in Chicago and All Risks in Delray Beach, Florida; each entity has a national US footprint alongside RSG’s European operations.
Patrick Ryan, founder, chairman and CEO of RSG, said: “We are pleased to join with a company that has an outstanding culture, exceptional talent and is a strong strategic fit with Ryan Specialty Group. We both have established ourselves as leading participants in the specialty insurance distribution sector. RSG has always admired the high quality of talent at All Risks and their very strong management teams, led by Nick Cortezi and Matt Nichols.
"Both Nick and Matt will continue in senior executive roles. Because of the similar cultures, long term strategy, and high quality of people, together, the resultant blended firm will create an even stronger, enhanced trading partner with a broader offering of services for our clients and insurance carriers. The opportunities for our employees are even more robust by the merging of our two firms. I’m very bullish on our future together and the additive value that we will bring to the industry.”
Nick Cortezi, CEO of All Risks, commented: “We could not be more excited to join forces with RSG. Over the past decade, both All Risks and RSG have invested significantly in developing the talent, the tools, and the resources necessary to provide opportunity to our people and exceptional service to our clients. Our strengths are complementary. In coming together to form one unified company, we are positioning ourselves to the greater benefit of our employees, our retail partners, and our carrier partners. Matt Nichols and I have known and admired Pat Ryan and Tim Turner for many years. We and the All Risks leadership team look forward to working with them and supporting them in the years to come."
