Ryan Specialty Group and All Risks Finalize Merger

Specialty insurance brokerages Ryan Specialty Group and All Risks have closed on the merger the two firms into Ryan Specialty Group.

The deal unites Chicago-based Ryan Specialty Group and its nearly $12 billion in premium, and All Risks, headquartered in Delray Beach, Florida, which has close to $2.6 billion in premium.

The combination will have roughly 3,300 employees and more than 70 offices across the United States, the United Kingdom and Europe.

Only AmWINS and CRC Insurance Services are larger than RSG and All Risks in the wholesale brokerage space.

Both brokers have national footprints, while RSG also does business in Europe. Both have track records in wholesale distribution and managed underwriting businesses in the form of managing general underwriters, programs and delegated binding authorities.

Details of the agreement to merge, which was first announced in June, were not disclosed.

“The world has become a much riskier place, and our clients’ needs have expanded. As hazards continue to evolve, they are becoming larger and more complex. Social inflation liability, cyber and transactional exposures, among a myriad of other emerging and ever- present unforeseen threats, require forward-thinking responses. To provide our clients the best solutions, we have brought together an exceptional group of brokers and underwriters,” said Patrick G. Ryan, founder, chairman and CEO of Ryan Specialty Group.

All Risks executives Nick Cortezi, CEO, and Matt Nichols, president, will continue in senior executive roles in the merged firm.

RSG, which is celebrating its 10th anniversary, consists of RT Specialty, a wholesale brokerage firm, and RSG Underwriting Managers, a specialty underwriting organization within which there are 21 specialized managing general underwriters.

All Risks, which started in 1964, is a national wholesale broker, managing general agency, and program administrator with offices across the country and more than 850 employees.

J.P. Morgan served as sole M&A Advisor to Ryan Specialty Group. J.P. Morgan, Barclays, and BMO Capital Markets served as Financial Advisors to Ryan Specialty Group.