Ryan Specialty, an international specialty insurance firm, has announced that it has signed a definitive agreement to acquire Socius Insurance Services.
Although the terms of the acquisition were not disclosed, it is expected to close in July 2023.
Socius is a national wholesale insurance broker headquartered in Northern California. This will be a full acquisition from Abry Partners, employees and other shareholders.
Socius will become a part of RT Specialty, Ryan Specialty’s wholesale distribution specialty.
Tim Turner, the President of Ryan Specialty and Chairman and CEO of RT Specialty, commented, “We are thrilled to have the high-quality Socius team join Ryan Specialty. We have known them for many years and admire their professional approach to the business, technical acumen, and phenomenal execution. We look forward to embracing these talented individuals and providing even more opportunities to them as they become a part of the RT Specialty platform.”
Founded in 1997, Socius has expertise in complex lines of business such as management, professional and cyber liability, as well as property and casualty insurance.
Patrick Hanley, the Co-Founder, President, and CEO of Socius, commented, “We look forward to joining the Ryan Specialty family and know that this is the right fit for the teammates of Socius. From the beginning of our firm, we have been committed to doing things ‘the right way’ – winning our client’s trust through expertise and dedication. Moreover, we have created an exciting, rewarding, and collaborative work environment for our employees to maximize their potential. We believe that Ryan Specialty embraces these same values and culture. By joining forces with RT Specialty, we are positioning our professionals with a platform that will further accelerate their growth.”
Socius also has significant concentrations of top-tier local talent in key hubs such as San Francisco, Miami, and Tampa which will provide complementary scale and distribution capabilities to RT Specialty.
Nathan Ott, a Partner at Abry Partners, said, “During our partnership with Socius, we have seen dramatic growth as the business has consistently outperformed. In combining with Ryan Specialty, we have every confidence that Socius is poised to achieve its next level of growth. We wish the Socius team continued success.”
Socius generated approximately $40 million in revenue for the 12 months that ended April 30, 2023.