Ryan Specialty has signed a definitive agreement to acquire certain assets of Geo Underwriting Europe BV (Geo Europe), a European managing general agent that is part of The Ardonagh Group. The terms of the transaction were not disclosed.
Based in Rotterdam, Netherlands, with operations in Germany, Geo Europe specialises in Financial Lines.
Following the acquisition, Geo Europe will join the Ryan Financial Lines (RFL) unit within the Ryan Specialty Underwriting Managers division, supporting RFL's European expansion strategy. The acquisition is expected to close in the third quarter of this year.
Geo Europe's portfolio focuses on specialised mid-sized companies and large global corporates across the European Union. The firm’s underwriters have extensive experience in professional indemnity, management liability, and cyber insurance.
Walter Craft (pictured above) will be appointed managing director of Ryan Financial Lines – Benelux and DACH and will join the Ryan Financial Lines executive committee.
Jamie Bouloux, CEO of Ryan Financial Lines, noted that the addition of the Geo Europe team aligns with Ryan Financial Lines' goal of expanding its presence across Europe.
He highlighted the team's strong market reputation and the results they have achieved, emphasising that their culture complements that of Ryan Specialty.
Craft also stated that joining Ryan Specialty would further enhance Geo Europe's offerings. He mentioned that Ryan Specialty Underwriting Managers' analytical underwriting support and distribution capabilities align well with Geo Europe's objectives.
Craft expressed gratitude to The Ardonagh Group for supporting the launch of Geo Europe in 2019 and enthusiasm for the company's future with Ryan Financial Lines and the broader Ryan Specialty organisation.
In August, Ryan Specialty also announced a definitive agreement to acquire US Assure Insurance Services of Florida, Inc, a leading program specialising in builder’s risk insurance.
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