Transaction anticipated to shut within the first half of subsequent 12 months
Chicago-based insurance coverage firm Ryan Specialty is buying London-headquartered managing common underwriter platform Castel Underwriting Agencies for an undisclosed sum. A definitive settlement has been signed to snap up Castel from Arch Financial Holdings (UK) Limited and minority shareholders, based on an emailed launch.
Set up in 2014, Castel consists of 13 area of interest MGUs that specialize in areas like marine and building. Outside the UK, it has workplaces in Belgium and the Netherlands. For the 12 months ended November 30, Castel generated roughly £35 million of working income.
“Castel is a first-class organization with a history of exceptional performance on all metrics, including underwriting profit and growth,” Ryan Specialty founder, chair, and chief govt Patrick G. Ryan mentioned.
“Bringing Castel into Ryan Specialty expands our UK and European footprint in delegated authority, and the lines of business underwritten by these MGUs are both complementary and accretive to our firm. We are very much looking forward to further expanding with this very talented team.”
Meanwhile Castel CEO Mark Birrell had this to say: “We have constructed Castel round attracting and retaining the business’s greatest underwriters, and offering these underwriters with instruments and assets to achieve extraordinary ranges of efficiency.
“Ryan Specialty shares the same philosophy, and we could not be more excited to be joining forces with this great firm. I am confident that as part of Ryan Specialty we are positioning our MGUs for continued success and our underwriters to further accelerate their careers.”
The transaction is anticipated to be accomplished within the first half of subsequent 12 months.
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