Ryan Specialty books $23.1mn E&O loss, expects to recover $20.5mn from insurers
Ryan Specialty has recorded $23.1mn in estimated losses relating to having to replace coverage that was written by unrated carriers, of which it expects to recover $20.6mn from its E&O insurance carriers, according to SEC filings.
The Chicago-based broker said the loss contingency derived from certain insurance policies placed during 2022 through a trading partner, “with the understanding that the policies were underwritten by highly rated insurance capital,” filings show.
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