Ryan Specialty Group Holdings has finalized the acquisition of Innovisk Capital Partners from Abry Partners and BHMS Investments, LP, incorporating the firm into Ryan Specialty Underwriting Managers (RSUM).
The acquisition, initially announced on Oct. 30, strengthens Ryan Specialty’s portfolio in the specialty insurance market.
Founded in 2017, Innovisk manages a varied portfolio of seven specialty managing general underwriters (MGUs), covering lines such as environmental, transactional liability, financial lines in the US and internationally, professional liability for lawyers, commercial auto liability, UK professional indemnity, and property and casualty.
Headquartered in London, Innovisk operates additional offices in the United States and India. For the 12 months ending July 31, 2024, Innovisk reported approximately $58 million in operating revenue.
Ardea Partners acted as the exclusive financial advisor to Innovisk, while Insurance Advisory Partners LLC served in the same capacity for Ryan Specialty.
Tim Turner (pictured above), CEO of Ryan Specialty, described Innovisk’s management team as having a distinct value proposition for brokers, agents, and carriers, with underwriting expertise recognized across the industry.
“At Ryan Specialty, we see new product innovation and diversification as essential components of the value that we bring to our clients and trading partners. Innovisk clearly shares this view and has made the critical investments to be able to not only launch new products but bring those products to market quickly,” Turner said.
Miles Wuller, chairman and CEO of Ryan Specialty Underwriting Managers, remarked on Innovisk’s capabilities in underwriting, distribution, and efficiency, particularly in serving the small to middle market segment.
“Further, Innovisk’s data-driven underwriting focus and technology built in-house has resulted in attractive loss ratios and deep carrier relationships. We believe we have a unique opportunity to accelerate the remarkable growth trajectories of both Innovisk and Ryan Specialty by bringing the two firms together. We’re very excited to have the Innovisk team onboard,” Wuller said.
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