Chicago-based insurance company Ryan Specialty is acquiring London-headquartered managing general underwriter platform Castel Underwriting Agencies for an undisclosed sum. A definitive agreement has been signed to snap up Castel from Arch Financial Holdings (UK) Limited and minority shareholders, according to an emailed release.
Set up in 2014, Castel consists of 13 niche MGUs that specialise in areas like marine and construction. Outside the UK, it has offices in Belgium and the Netherlands. For the 12 months ended November 30, Castel generated approximately £35 million of operating revenue.
“Castel is a first-class organisation with a history of exceptional performance on all metrics, including underwriting profit and growth,” Ryan Specialty founder, chair, and chief executive Patrick G. Ryan said.
“Bringing Castel into Ryan Specialty expands our UK and European footprint in delegated authority, and the lines of business underwritten by these MGUs are both complementary and accretive to our firm. We are very much looking forward to further expanding with this very talented team.”
Meanwhile Castel CEO Mark Birrell had this to say: “We have built Castel around attracting and retaining the industry’s best underwriters, and providing those underwriters with tools and resources to reach extraordinary levels of performance.
“Ryan Specialty shares the same philosophy, and we could not be more excited to be joining forces with this great firm. I am confident that as part of Ryan Specialty we are positioning our MGUs for continued success and our underwriters to further accelerate their careers.”
The transaction is expected to be completed in the first half of next year.
What do you think about this story? Share your thoughts in the comments below.
