Ryan Specialty is expanding its global reach in the sports, leisure, and entertainment insurance sector with the integration of Paradiso Risks into its Alive Risk unit.
This move, part of a larger acquisition of Castel Underwriting Agencies finalized on May 1, 2024, brings an international event contingency portfolio under Alive Risk’s umbrella.
Established in 2022, Paradiso Risks specializes in contingency and non-appearance insurance, catering to clients in the U.S., U.K., and Europe. Its leadership team, with over 35 years of combined experience in underwriting, broking, and actuarial services, has built a reputation in the entertainment and live events sectors.
Alive Risk managing director Patrick Gavin described the addition of Paradiso Risks as an opportunity to enhance the company's global capabilities in contingency coverage.
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Paradiso’s contingency expertise, strong carrier relationships, and excellent reputation in the entertainment and live music sectors allow us to expand our contingency offerings internationally," said Gavin.
Alive Risk plans to organize its contingency offerings into two segments: underwriting and producing.
The underwriting division, operating under the Paradiso brand, will be led by Yael Mimran, Paradiso’s international head of contingency. The producing division, managed under the Alive Risk brand, will be headed by Lowery Robinson, vice president of Alive Risk.
Mimran welcomed the move, stating that Paradiso’s focus on building a profitable book of business would be complemented by Alive Risk’s expertise in the SLE sector.
"Since our founding, Paradiso has focused on successfully growing a profitable contingency book of business for its carrier trading partners. We’re excited to join a team of SLE experts where we will be able to enhance our product and amplify our growth,” said Mimran.
“We are thrilled to join Alive Risk and welcome Ryan Collins and Amanda Rice to the Paradiso team," Mimran added.
Meanwhile, Robinson emphasized the collaborative culture at Alive Risk and the opportunities to grow its contingency offerings with new team members.
"In the new producing division, we look forward to growing and expanding the contingency offering and welcome Wayne Paternoster, Aristotle Moulopoulous, Aric Durm, and Andrew Enck to the team,” said Robinson.
Alive Risk specializes in insurance products for the sports, leisure, and entertainment industries, underwriting property and casualty coverages for various activities, including amusement parks, live events, sports leagues, and media productions. Paradiso’s integration is expected to broaden the firm’s international reach and product diversity.
What are your thoughts on this acquisition’s potential impact on the global insurance market for entertainment and live events? Share your insights in the comments.
