Ryan Specialty
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This follows a spate of program manager deals Ryan Specialty has made. -
The binding authority market is also “ripe” for consolidation, the CEO said.
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With the move, RT adds a CEO to its binding authority and a CEO to its RT ProExec businesses.
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Ethos’ transactional liability MGU is not included in the deal.
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The executive previously spent over 11 years at Captive Resources.
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The underwriting units produced revenue of $11mn in the year to June 30.
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Geo Europe CEO Walter Craft will remain with the financial lines business.
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The Houston, Texas-based program manager will join Ryan Specialty’s healthcare MGU Sapphire Blue.
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Ascot will evaluate other options for its ~$140mn-premium transactional liability unit.
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The wholesaler is shifting its business mix towards delegated underwriting, which should help sustain growth.
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The promotion follows a distribution trading partnership deal with MGU PCS.
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