Ryan Specialty Group has agreed to acquire the assets and operations of Westphalen Insurance Services Inc., an independently owned wholesale insurance brokerage located in Edmond, Oklahoma.
The Westphalen team will become part of R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, and will establish the company’s presence in Oklahoma.
Founded in 1987, Westphalen is a family run business that focuses on property and casualty, personal lines and transportation business.
The brokerage is led by Jeff Westphalen and has binding authority commitments within each segment with ‘A’ rated XV carriers.
“We are very excited to have Jeff and his team at Westphalen join RT Specialty,” said Tim Turner, Chairman and Chief Executive Officer (CEO) of RT Specialty.
“The Oklahoma City market is one that we’ve been targeting and have been looking for the right broker; Westphalen is that broker,” he continued. “We couldn’t be happier to establish our presence with this team.”
Jeff Westphalen, President of Westphalen, also commented on the acquisition: “Our whole team is looking forward to the opportunity of being a part of RT Specialty.
“We will be able to offer our clients and carriers higher volume and larger markets on the outstanding platform that RT Specialty has built. It is the right move for our company and our clients and will open new opportunities for us all.”
Ryan Specialty Group and Westphalen did not disclose the terms of the transaction.