Ryan Specialty Group (RSG) has entered into a strategic partnership with US based Nationwide, which includes the establishment of a new Bermuda-based reinsurance company, called Geneva Re Ltd.
Nationwide is set to own 50% of the new reinsurer, with RSG and RSG-related investors owning the remaining 50%.
Michael D. O’Halleran has been appointed Executive Chairman of Geneva Re, while Ryan Re, an RSG affiliated company that is led by Chief Executive Officer (CEO) and President Brian Boornazian, will serve as the exclusive underwriting manager for Geneva Re.
Founder, Chairman and CEO of RSG, Patrick Ryan, said: “We are proud and excited to partner with Nationwide, a world-class financial institution whose financial ratings and performance are unquestionable. We also share a similar culture, which is critical to entering into a long-term relationship.
“RSG and its operating companies, RT Specialty and RSG Underwriting Managers, look forward to expanding the already successful relationship we have enjoyed with the Nationwide companies since our inception in 2010, and further enhancing this partnership with Geneva Re and Ryan Re. It has been our goal since RSG’s formation to more fully align our interest with our clients. Through Geneva Re, we will be able to accomplish this objective.”
The strategic partnership is designed to provide companies with an opportunity to expand in the specialty lines marketplace, while expanding on an already strong relationship between the two companies.
The new reinsurer will immediately have the financial strength to accept a diversified portfolio of reinsurance business from RSG underwriting programs, and it is anticipated the company will be able to write business from July 1st, 2019, subject to regulatory approvals.
At the same time, Nationwide is to appoint Ryan Re as its exclusive underwriting manager for third-party property and casualty treaty reinsurance business that flows through Geneva Re.
Mark Berven, President and Chief Operating Officer (COO), Nationwide property and casualty, said: “We look forward to furthering our relationship with Ryan Specialty Group, who is today one of our largest E&S/specialty distribution partners. This relationship will create new opportunities for both organizations to expand our reach and serve additional niche markets that are currently underserved.”
Mike O’Halleran added: “I am thrilled to be part of the new partnership between RSG and Nationwide. Ryan Re and Geneva Re, with the support of our founding shareholders, will immediately have significant financial strength and be able to accept a diversified portfolio of reinsurance business.”
Boornazian said: “I believe we are bringing an unprecedented proposition to the reinsurance market. Combining the quality and balance sheet strength of Nationwide (A.M. Best Rating A+ (Superior), FSC XV), the innovation and market presence of RSG, and the well respected and experienced underwriters will uniquely position Ryan Re to provide the security and underwriting insight to our brokers and clients desire.”