Ryan Specialty Group has announced that it plans to acquire the assets and operations of International Specialty Insurance Services Inc. (ISI), an independently owned managing general underwriter.
Based in Winston-Salem, North Carolina, ISI offers high-value disability and related insurance products to athletes, entertainers, physicians, and other high-earning professionals.
Following the acquisition, ISI’s team will become part of RSG Underwriting Managers, the managing general underwriting unit of Ryan Specialty Group.
The ISI team will remain unchanged under RSG ownership, and will continue to be led by Matthew Ferraro, Joseph Ferraro, and Christopher Larcheveque, who currently own the business.
“We are very much looking forward to having the professionals at ISI join our team at RSG,” said Patrick G Ryan, Founder, Chairman and Chief Executive Officer (CEO) of Ryan Specialty Group.
“They have carved out a market niche and developed an expertise that complements the other businesses within our managing general underwriting division, RSGUM,” Ryan continued.
“With their high level of professionalism and underwriting acumen, we couldn’t be more pleased that ISI will be a part of our family.”
Matthew Ferraro, Managing Director of ISI, also commented on the upcoming acquisition: “We are thrilled to be joining RSG and look forward to expanding our business on their efficient and superb platform.”
“Developing new products will continue to be a critical element of expanding the business’ addressable market and driving growth,” he added. “The RSGUM model is the perfect fit to allow us to capitalize on this goal.”
Terms of the transaction have not yet been disclosed, although the parties said that Sherman & Company LLC acted as financial advisor to ISI during negotiations.
