Ryan Specialty Group, LLC (RSG) has announced an agreement to merge with independent wholesale insurance brokerage All Risks, Ltd.
The two firms believe they have complementary strengths, with both specialising in transactional wholesale distribution and underwriting businesses in the form of managing general underwriters, programs and delegated binding authorities.
RSG is headquartered in Chicago, IL and All Risks in Delray Beach, Florida. Each entity also has a national US footprint complemented by RSG’s European operations.
“We are pleased to join with a company that has an outstanding culture, exceptional talent and is a strong strategic fit with Ryan Specialty Group,” said Patrick G. Ryan, Founder, Chairman and CEO of RSG.
“We both have established ourselves as leading participants in the specialty insurance distribution sector. RSG has always admired the high quality of talent at All Risks and their very strong management teams, led by Nick Cortezi and Matt Nichols,” he continued.
“Both Nick and Matt will continue in senior executive roles. Because of the similar cultures, long term strategy, and high quality of people, together, the resultant blended firm will create an even stronger, enhanced trading partner with a broader offering of services for our clients and insurance carriers.”
“The opportunities for our employees are even more robust by the merging of our two firms. I’m very bullish on our future together and the additive value that we will bring to the industry.”
Nick Cortezi, CEO of All Risks, also commented: “We could not be more excited to join forces with RSG. Over the past decade, both All Risks and RSG have invested significantly in developing the talent, the tools, and the resources necessary to provide opportunity to our people and exceptional service to our clients. Our strengths are complementary.
“In coming together to form one unified company, we are positioning ourselves to the greater benefit of our employees, our retail partners, and our carrier partners,” Cortezi went on.
“Matt Nichols and I have known and admired Pat Ryan and Tim Turner for many years. We and the All Risks leadership team look forward to working with them and supporting them in the years to come.”
J.P. Morgan served as sole M&A Advisor to Ryan Specialty Group. J.P. Morgan, Barclays, and BMO Capital Markets served as Financial Advisors to Ryan Specialty Group. Reagan Consulting served as M&A Advisor to All Risks.