Ryan Specialty takes west coast binding authority at onset of M&A drive
International specialty insurance firm Ryan Specialty has picked up a west coast binding authority specialist as part of its drive to leverage its recently achieved nationwide binding authority.
Griffin Underwriting Services based near Seattle, Washington, is said to bring to Ryan “a broad array of solutions across various specialty insurance lines, including earthquake and transportation” tied to offers from “numerous leading carriers.” Griffin was said to have generated approximately $23 million of revenue for the 12 months to end-November.
The move comes at the onset of what Ryan Specialty believes could be the next great wave of market consolidation. Ryan has said it will seek to buy up MGA/MGUs now that it has finally secured its first 50-state binding capacities after years of pleading with carrier partners.
The prior industry lock-up by major carriers on nationwide capacity had left the US with “hundreds of thousands of boutique binding authorities” which could now become subject of an M&A drive, Ryan Specialty president Tim Turner had told an investor conference back in September.
Ryan Specialty president Tim Turner commented on the latest deal: “We are excited to embrace the exceptional professionals at Griffin into Ryan Specialty. Griffin deepens our offerings in the Pacific Northwest, broadening our geographic scope and capabilities. Additionally, Griffin is a critical piece to our continual buildout of our national binding authority offering. We look forward to welcoming the Griffin team to Ryan Specialty.”
The acquisition is expected to close in January 2023.
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