Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has announced an expanded trading agreement with Ryan Specialty Group (RSG) to support an international portfolio of delegated underwriting authority business.
From January 1st, 2022, Aspen joined an additional seven programs for Ryan Specialty Underwriting Managers’ MGU portfolio.
The pair state that this agreement utilises the full scope of Aspen’s capabilities in insurance, reinsurance, and capital markets.
The deal sees Aspen provide capacity across multiple platforms and geographies, with four programs in the U.S. and three programs in Europe.
Mark Cloutier, Executive Chairman and Group Chief Executive Officer (CEO), Aspen, commented: “This expanded trading partnership showcases Aspen’s comprehensive capabilities, combining insurance, reinsurance and capital markets to deliver an innovative, risk transfer solution.
“We are grateful to the Ryan Specialty team for their trust and confidence and for the opportunity to bring this creative solution to bare, and in doing so further build on our strong trading relationship. We believe that this agreement is a blueprint for creative capital deployment, exemplifying our purpose to bring ‘clarity from complexity.”
Pat Ryan, Founder, Chairman & CEO, Ryan Specialty, said: “We’re excited about our substantially broadened delegated authority relationship with Aspen. Moreover, we are appreciative of their confidence in our underwriting capabilities and of their commitment to progressive solutions.”
Bruce Eisler, CEO US, and Chief Underwriting Officer (CUO), Aspen Insurance, noted: “In conjunction with Ryan Specialty, we contemplated the existing structure of each binder and had to develop a creative solution relative to capital deployment through our U.S./U.K. companies and Lloyd’s Syndicate 4711 to bring this to fruition. The trading partnership is a great testament to our technical underwriting capabilities and strong collaboration across our global platforms and products.”
And Miles Wuller, President and CEO of RSG Underwriting Managers, added: “We greatly appreciate Aspen’s innovation bringing coordinated insurance capital to support our $2.0bn international Underwriting Managers business and its objectives. We now benefit from their syndicated support across nine of our MGUs. We thank the Aspen team for their trust of our delegated underwriting stewardship.”
