Ryan Specialty Completes Acquisition of Griffin Underwriting Services

Rhea-AI Summary

Ryan Specialty (NYSE: RYAN) has successfully completed the acquisition of select assets from Griffin Underwriting Services, a wholesale insurance broker based in Bellevue, WA. This acquisition aligns with Ryan Specialty's strategy to enhance its service offerings in the specialty insurance sector. The move is expected to bolster Ryan Specialty's distribution channels and increase its market share in the binding authority segment. The acquisition's financial terms were not disclosed, but it follows a previous announcement made on December 11, 2022.

Positive

• Enhanced service offerings in specialty insurance.
• Increased market share in binding authority segment.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- Ryan Specialty (NYSE: RYAN), a leading international specialty insurance firm, is pleased to announce that it completed the acquisition of certain assets of Griffin Underwriting Services (“Griffin”), a binding authority specialist and wholesale insurance broker headquartered in Bellevue, WA. Previous announcement dated December 11, 2022.

About Ryan Specialty

Founded in 2010, Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents and carriers. Ryan Specialty provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Ryan Specialty’s mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents and carriers. ryanspecialty.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230103005656/en/

Media

Alice Phillips Topping

Chief Marketing & Communications Officer

Ryan Specialty

Alice.Topping@ryansg.com

312-635-5976

Investor Relations

Noah Angeletti

Head of Investor Relations & Treasurer

Ryan Specialty

IR@ryansg.com

312-784-6152

Source: Ryan Specialty

FAQ

What assets did Ryan Specialty acquire from Griffin Underwriting Services?

Ryan Specialty acquired certain assets related to binding authority from Griffin Underwriting Services.

When did Ryan Specialty announce the acquisition of Griffin?

The acquisition was previously announced on December 11, 2022.

How will the acquisition of Griffin Underwriting Services impact Ryan Specialty?

The acquisition is expected to enhance Ryan Specialty's service offerings and increase its market share in the specialty insurance sector.

What is the significance of the acquisition for Ryan Specialty's strategy?

The acquisition aligns with Ryan Specialty's strategy to strengthen its distribution channels and expand in the specialty insurance market.