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The Michigan-based firm will join Ryan Specialty’s binding authority division. -
The number has expanded by around 40% from an earlier update, sources said.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.
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Tornadoes have killed at least 32 people in three states.
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The move will enable Hadron to deliver more admitted insurance solutions to clients and policyholders.
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The coverage will only be available in Illinois and Michigan at first.
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The insurance industry has experienced mounting losses from severe convective storms.
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This was Ryan’s second-largest 2024 deal, after its $1.4bn Assure purchase.
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This is FMH’s first acquisition since acquiring Axa XL’s crop unit last April.
