Ryan Specialty Signs Definitive Agreement To Acquire Castel Underwriting Agencies
21 Dezembro 2023 - 6:05PM
Business Wire
Ryan Specialty (NYSE: RYAN), a leading international specialty
insurance firm, is pleased to announce it has signed a definitive
agreement to acquire Castel Underwriting Agencies Limited
(“Castel”), a Managing General Underwriting (MGU) platform, from
Arch Financial Holdings (UK) Limited and minority shareholders.
Castel is headquartered in London, England with additional offices
in the Netherlands and Belgium and was founded in 2014.
Castel consists of thirteen unique MGUs, each of which has
expertise in a specific product niche. Together, the MGUs represent
a distinctive and diverse portfolio of underwriting expertise
including Transactional Liability, Renewable Energy, Construction,
and Marine, among other specialty lines of business. The breadth of
Castel’s offerings and its geographic concentration in the UK and
Europe add significant capabilities to Ryan Specialty’s robust
managing general underwriter portfolio.
Commenting on this acquisition, Patrick G. Ryan, Founder,
Chairman & CEO of Ryan Specialty, said, “Castel is a
first-class organization with a history of exceptional performance
on all metrics, including underwriting profit and growth. Bringing
Castel into Ryan Specialty expands our UK and European footprint in
delegated authority, and the lines of business underwritten by
these MGUs are both complementary and accretive to our firm. We are
very much looking forward to further expanding with this very
talented team.”
Miles Wuller, President and CEO of Ryan Specialty Underwriting
Managers, remarked, “Mark and the Castel team have built a
remarkable business. Many of Castel’s MGUs are recognized as market
leaders in their distinctive niches, attracting support from some
of the highest-quality capital in the industry. Furthermore, the
Castel team has a proven approach to attracting top talent to
support de novo MGU formation, which will be invaluable as we seek
further international expansion. We are thrilled to welcome the
Castel team to Ryan Specialty and are excited by the prospect of
what we can achieve together.”
Mark Birrell, CEO of Castel, added, “We have built Castel around
attracting and retaining the industry’s best underwriters, and
providing those underwriters with tools and resources to reach
extraordinary levels of performance. Ryan Specialty shares the same
philosophy, and we could not be more excited to be joining forces
with this great firm. I am confident that as part of Ryan Specialty
we are positioning our MGUs for continued success and our
underwriters to further accelerate their careers.”
Hugh Sturgess, President and CEO of Arch Insurance
International, said, “Under Mark's leadership, Castel has excelled
in a competitive and dynamic market. Ryan Specialty is an ideal fit
for Castel as they build into the future. We look forward to
continuing our successful relationship with Castel and Ryan
Specialty.”
In discussing Ryan Specialty’s acquisition strategy, Patrick G.
Ryan said, “Expanding our total addressable market both organically
and inorganically remains a top priority for Ryan Specialty. In
2023, we added capabilities to each of our specialties and acquired
companies with revenue in excess of $140 million, inclusive of
Castel.”
Castel generated approximately £35 million of operating revenue
for the 12 months ended November 30, 2023.1
Terms of the transaction were not disclosed. The acquisition is
expected to close during the first half of 2024, subject to
regulatory approvals and customary closing conditions.
BofA Securities served as exclusive financial advisor to
Arch.
About Ryan Specialty
Founded in 2010, Ryan Specialty is a service provider of
specialty products and solutions for insurance brokers, agents and
carriers. Ryan Specialty provides distribution, underwriting,
product development, administration and risk management services by
acting as a wholesale broker and a managing underwriter with
delegated authority from insurance carriers. Ryan Specialty’s
mission is to provide industry-leading innovative specialty
insurance solutions for insurance brokers, agents and carriers.
ryanspecialty.com
1 Revenue attributable to the acquired business for the trailing
twelve-month period ending November 30, 2023. This figure has not
been audited. Using current exchange rates, £35 million of
operating revenue equates to $44 million in operating revenue.
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version on businesswire.com: https://www.businesswire.com/news/home/20231221303426/en/
Media Alice Phillips Topping Chief Marketing &
Communications Officer Ryan Specialty
Alice.Topping@ryanspecialty.com (312) 635-5976
Investor Relations Nicholas Mezick Director, Investor
Relations Ryan Specialty IR@ryanspecialty.com (312) 784-6152
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