Global specialty insurance firm Ryan Specialty has signed a definitive agreement to acquire certain assets of international managing general agent (MGA), USQRisk Holdings, LLC.
The terms of the acquisition were not disclosed. The deal is expected to close in the second quarter of 2025.
Post completion, USQ will become a part of the alternative risk business within Ryan Specialty.
Founded in 2020, USQ operates in New York and London, underwriting non-traditional insurance risks with two core business divisions: Alternative Risk and Facilities.
The Alternative Risk specialty underwrites, structures, prices and places specialty insurance for corporate clients, while the Facilities specialty creates new products for risks in highly dislocated markets.
The acquisition brings approximately $11 million of unaudited incremental operating revenue to Ryan Specialty, based on the 12 months ended December 31st, 2024.
Kieran Dempsey, Chief Executive Officer (CEO) of Ryan Alternative Risk, commented, “USQ adds tremendous breadth and depth to our growing alternative risk business. USQ is known for their innovation across a wide variety of structured solutions, including liability, property, and auto.
“USQ’s expansion into facilities has given Ryan Specialty the chance to work directly with USQ though our AXSAL Re partnership, which provides excess coverage for mid-sized trucking fleets. We believe USQ to be among the highest-quality alternative risk specialists in the industry and are very much looking forward to the team joining our firm.”
Anibal Moreno, CEO of USQ, added, “We chose Ryan Specialty because we consider them to be the leader in alternative risk. As part of Ryan Specialty, we will have access to preferred trading status with the world’s largest brokers, broad-based capital support from the industry’s top insurance markets, a world-class suite of technology and back-office support, and an entrepreneurial culture that rewards innovation. We believe that our team will be able to amplify its breadth and depth at Ryan Specialty.”
TAG Financial Institutions Group, LLC acted as the exclusive financial advisor to USQ.
