International specialty insurance firm Ryan Specialty Group, has signed a definitive agreement to acquire certain assets of Keystone Risk Partners, LLC based in Media, PA.
Keystone generated approximately $8 million of revenue for the 12 months ended November 30, 2021.
Terms of the transaction were not disclosed, although it is expected to close later this month, subject to the completion of certain closing conditions.
“Keystone brings new talent to Ryan Specialty allowing us to expand our offerings to our retail broker and agent trading partners facilitating access to alternative risk capital,” said Patrick G. Ryan, Founder, Chairman and CEO of Ryan Specialty.
“We are very excited to welcome the team of Keystone into the Ryan Specialty family and look forward to developing our alternative risk strategy together.”
Andrew A. Lewis, Principal, Keystone Partners, LLC, also commented: “By joining forces with Ryan Specialty, we are able to expand our platform to deepen our offerings with the vast resources of Ryan Specialty behind us.”
“Combining our talent in the disciplines of underwriting, actuarial, banking, accounting, reinsurance and captive insurance company formation and management with the Ryan Specialty platform will allow us to continue to evolve the creative, customized solutions we offer our agent and broker clients,” Lewis continued.
“We couldn’t be more positive about the opportunity that the future holds being a part of the Ryan Specialty family.”
Dowling Hales served as exclusive financial advisor to Keystone for this transaction.
