Ryan Specialty expands in Europe with Geo Underwriting buy
US-based insurer Ryan Speciality has acquired parts of European managing general agent Geo Underwriting Europe as it furthers plans to expand in Europe.
Geo Underwriting, based in Rotterdam, is part of the Ardonagh Group and has operations in Germany and the Netherlands.
The MGA specialises in financial lines and will join the financial lines unit within the Ryan Specialty Underwriting Managers division of Ryan Underwriting.
The transaction, for which no financial details were disclosed, is expected to close during the third quarter of the year.
Geo Europe’s chief underwriting officer Walter Craft will be appointed as managing director of Ryan Financial Lines Benelux and DACH and will also join the Ryan Financial Lines executive committee.
“We are very much looking forward to having the Geo Europe team join Ryan Financial Lines as we look to intensify our offering across Europe,” said Jamie Bouloux, CEO of Ryan Financial Lines.
“Ryan Specialty Underwriting Managers’ analytical underwriting support and administrative and distribution capabilities align nicely for the next step in our journey, as we continue to focus on providing the best solutions and service to our clients,” added Craft.
Meanwhile in the US, Ryan Specialty has also agreed to acquire the property and casualty MGU of Ethos Specialty Insurance from its current owner, the Bermuda-based specialty insurer Ascot Group.
