Ryan Specialty
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock. -
President Tim Turner noted two pricing trends: property “stabilization” and casualty “acceleration”.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier will reassess the market in the fourth quarter, or early in 2025.
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The MGA platform has been under auction since last year.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The deals completed in 2023 represented over $140mn of annual historic revenue, Ryan said.
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Devers’ was on the board of Ryan Specialty since 2013.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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The subsidiary will offer clients and capital providers a wide-ranging, single platform of financial lines products, with operations across the US, Europe, LatAm and London.
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He was previously president of Kelly Underwriting Services, now part of CorRisk.
