Ryan Specialty has signed a definitive agreement to acquire what it calls ‘certain assets’ of Griffin Underwriting Services.
The firm said in a statement that it was expected that the acquisition would close next month. Terms were not disclosed.
Tim Turner, president of Ryan Specialty and chairman and CEO of RT Specialty, said: “We are excited to embrace the exceptional professionals at Griffin into Ryan Specialty.
Griffin deepens our offerings in the Pacific Northwest, broadening our geographic scope and capabilities. Additionally, Griffin is a critical piece to our continual buildout of our national binding authority offering. We look forward to welcoming the Griffin team to Ryan Specialty.”
According to Ryan Specialty, Griffin generated approximately $23 million of revenue for the 12 months ended November 30, 2022. Ryan Specialty, meanwhile, posted 17% organic revenue growth in Q3 2022. The firm acquired Centurion Liability Insurance Services last month.
Jason Griffin and Van Griffin, co-presidents of Griffin Underwriting Services, remarked, “We are very familiar with RT Specialty and are thrilled to be joining the team. At Griffin, we pride ourselves in developing top talent and offering a culture that empowers the individual. It is clear that Ryan Specialty is built on this same philosophy. We’re excited about the opportunities that this new phase will create for our employees, and we look forward to the future as a part of the Ryan Specialty family.”
