Ryan Specialty Underwriting Managers (RSUM), the underwriting management division of Ryan Specialty, a global specialty insurance services provider listed on the New York Stock Exchange, has completed arrangements for a series of Lloyd’s of London consortium stamps to support its global syndicated property and casualty (P&C) delegated underwriting portfolio.
The company said the consortium has been established with the backing of six Lloyd’s syndicates, which will collectively assume a 15% participation across the portfolio.
The participation applies to all classes of business, lines and geographical regions, with the exception of a partial share relating to Velocity Risk Underwriters, the company’s managing general underwriter specialising in critical catastrophe (CAT) risks.
According to Ryan Specialty Underwriting Managers, the consortium stamps will begin attaching to underwriting facilities as they come up for renewal, with the first renewals taking place from 1 August.
Miles Wuller, CEO of RSUM, said: “We are proud of both the continued interest in our portfolio and our ability to transform our diverse, highly curated, well-performing family of businesses into an accessible specialty insurance asset. Moreover, we are pleased to contribute broad-based data and structural efficiency to the specialty marketplace.
“I would like to highlight the forward-looking investment Ardonagh has made in Axiiem, its technology-enabled digital exchange, which will serve as the facilitation agent for the structure,” Wuller added.
“We appreciate Lloyd’s constructive support throughout the process, helping bring together market-leading expertise and capacity. Additionally, we would like to thank Markel for their cornerstone support, and all the new and existing syndicate stakeholders that brought this transaction to life.”
