Specialty insurance coverage firm Ryan Specialty has agreed to amass Castel Underwriting Companies, presently owned by Arch Monetary Holdings (UK) and minority shareholders.
Headquartered in London, England, Castel is a managing normal underwriting (MGU) platform. The corporate additionally has places of work within the Netherlands and Belgium.
Castel Underwriting Companies is made up of 13 totally different MGUs, with every of the MGUs having experience in a particular product area of interest.
Its various portfolio contains renewable power, transactional legal responsibility, marine, and building, together with different specialty enterprise traces.
Addition of Castel to its portfolio will assist Ryan Specialty to develop its current managing normal underwriter portfolio within the UK and European areas.
For the twelve months ended on 30 November 2023, Castel generated roughly £35m ($44m) of working income.
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The phrases of this transaction weren’t disclosed by the 2 firms.
The acquisition is presently topic to regulatory approvals and customary closing situations. It’s anticipated to shut within the first half of 2024.
BofA Securities served because the unique monetary advisor to Arch.
Ryan Specialty’s founder, chairman & CEO Patrick Ryan, commented on the acquisition technique: “Increasing our complete addressable market each organically and inorganically stays a high precedence for Ryan Specialty.
“In 2023, we added capabilities to every of our specialties and purchased firms with income in extra of $140m, inclusive of Castel.”
He additional added: “Bringing Castel into Ryan Specialty expands our UK and European footprint in delegated authority, and the traces of enterprise underwritten by these MGUs are each complementary and accretive to our agency.
“We’re very a lot trying ahead to additional increasing with this very gifted staff.”
Castel’s CEO Mark Birrell expressed his pleasure concerning the merger: “Ryan Specialty shares the identical philosophy, and we couldn’t be extra excited to be becoming a member of forces with this nice agency.
“I’m assured that as a part of Ryan Specialty we’re positioning our MGUs for continued success and our underwriters to additional speed up their careers.”
The deal is predicted to shut through the first half of subsequent yr.
