Ryan Specialty wraps up deal for Pacific Northwest binding authority
International specialty insurance firm Ryan Specialty closed acquisition of west coast binding authority specialist Griffen Underwriting Services as part of its drive to build out its newly achieved nationwide binding authority.
The Bellevue, Washington, binding authority specialist and wholesale insurance broker 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, first signalled in December, 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.
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