Ryan Specialty has completed its acquisition of Castel Underwriting Agencies Limited, a managing general underwriting (MGU) platform.
This acquisition from Arch Financial Holdings (UK) Limited and minority shareholders expands Ryan Specialty's reach and capabilities. Castel, which is headquartered in London with additional offices in the Netherlands, Belgium, and Singapore, was established in 2014 and includes 13 niche MGUs that specialize in sectors such as marine and construction.
For the fiscal year ending Nov. 30, Castel reported operating revenues of approximately £35 million. The addition of Castel is anticipated to broaden Ryan Specialty's portfolio by incorporating new products and enhancing its client and trading partner offerings.
Miles Wuller, president and CEO of Ryan Specialty Underwriting Managers, expressed enthusiasm about the acquisition.
“We are excited to have the exceptional underwriting talent and executive leadership at Castel join the Ryan Specialty family. Castel brings new products and facilities that expand our offerings to our clients and trading partners,” Wuller said.
In conjunction with the acquisition, Ryan Specialty announced its enhanced leadership team for its Underwriting Managers International division:
Wuller said that this leadership team will be instrumental in accelerating the formation of new operations within the region.
“We are very much looking forward to working with this incredible team,” he said.
Birrell, the former CEO of Castel and newly appointed chairman and CEO of Ryan Specialty Underwriting Managers International, previously commented on the merger.
“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,” he said.
“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,” Birrell said.
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