Towergate backers snap up Ryan Specialty's UK insurance services unit
Ryan Specialty Group has agreed to the sale of its UK insurance services and claims management subsidiary Ryan Direct Group (RDG) to Nevada Investments, an investment vehicle backed by Towergate Insurance owners HPS Investment Partners and Madison Dearborn Partners (MDP).
Nevada is a holding company for HPS Investment Partners and Tango Partners, the investment vehicle for MDP.
The company will operate as Direct Group.
"I am very grateful for RSG's support for Direct Group in the last five years, which included the acquisition of Midas Underwriting in 2016," Coles said. "Direct Group has established a strong performance track record with a large number of insurance and affinity clients and will play a key role in supporting Nevada’s portfolio of businesses, while maintaining its independence."
He added: "The demand for high quality, fully compliant, outsourced services continues to grow as carriers, brokers and distributors alike continue to face significant cost and regulatory challenges."
Michael Rice, chairman of RSG Underwriting Managers, commented: "We are positive that Direct Group’s impressive leadership team will successfully lead Direct Group to its next stage of development and advance its considerable potential."
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