Ryan Specialty
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The company plans to provide both primary and excess layers coverage across the region, depending on the opportunities in each territory. -
The newly formed structure combines the operations of New York-based Concord Specialty Risks and London-based Ryan Specialty Transactional Risks International.
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The business is a binding authority and wholesale broking specialist, with annual revenues of $23mn.
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Management said secular drivers for organic growth remain intact despite headwinds persisting in E&S, M&A transaction liability policies and public D&O.
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The broker also lowered its organic growth guidance for the full year 2022 to 14.5%-16%, compared with the prior guidance range of 16.5%-18%.
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The company’s Q3 organic growth decelerated 8.6 points sequentially and 15.2 points year-on-year to 13.7%.
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Total revenues at the Chicago-based wholesale broker increased 16.7% to $412mn from Q3 last year, driven by the expansion of the E&S market, organic growth and M&A.
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The new executive will support the company’s underwriting practices, launching new program opportunities, and reinforcing efficient operational activities.
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The executive worked for JP Morgan after various stints in the insurance industry with State Farm and Allstate.
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