International specialty insurance firm, Ryan Specialty has announced a new strategic arrangement with US based Nationwide to support innovation and address needs in the specialty insurance marketplace.
Both companies remain parties to a joint venture first entered into in May 2019, that established Bermuda-based reinsurer – Geneve Re Ltd.
This new strategic arrangement will provide Ryan Specialty with limited exclusive access to insurance capacity on Harleysville of New York paper to support alternative risk placements.
Harleysville of New York carriers Nationwide’s rating of A+, by both AM Best and Standard & Poor’s.
Furthermore, the capital provided will be via a traditional risk transfer through Ryan Specialty’s managing general underwriters, or an alternative placement through the formation of a captive or other strategy and operated in conjunction with Ryan Specialty’s leader in alternative risk placements, Keystone Risk Partners.
Patrick G. Ryan, Founder, Chairman and CEO of Ryan Specialty, commented on the new innovative arrangement, “We are excited about the opportunity that this new agreement allows Ryan Specialty and Nationwide.
“There are many risks within the specialty insurance market that are not being serviced fully, where conventional insurance isn’t totally addressing the needs of the client. This arrangement allows for agility and innovation with a world-class financial institution whose financial ratings and performance are remarkable.
“We are very proud to build upon our joint venture relationship as we continue to deepen our strategic alignment with Nationwide in order to provide true value add to the industry.”
Russ Johnston, President of E&S/Specialty at Nationwide, added, “This is a natural extension of the existing joint venture we already have under the Geneva Re partnership. We look forward to continuing to grow with Ryan Specialty, who is one of our largest E&S / Specialty distribution partners.”
