PCS, Ryan Specialty form exclusive distribution partnership
PCS, Ryan Specialty form exclusive distribution partnership | Insurance Business America
Insurance News
PCS, Ryan Specialty form exclusive distribution partnership
Part-owner AIG to provide enhanced capacity
Insurance News
By
Terry Gangcuangco
Managing general underwriter Private Client Select Insurance Services (PCS) has partnered with specialty insurance firm Ryan Specialty, which will serve as PCS’s exclusive wholesale broker for the high- and ultra-high-net-worth markets in the US.
The partnership will leverage Ryan Specialty’s extensive network of brokers, enabling PCS to accelerate its growth and deliver a wide range of solutions.
AIG, part-owner of PCS, will continue its support in terms of capacity and delegate underwriting authority. To meet the increasing demands of brokers, agents, and clients, AIG will also enhance its allocation of excess and surplus Lines (E&S) aggregate capacity.
Additionally, AIG plans to offer exclusive E&S policies in all 50 states via Marbleshore Specialty Insurance Company, pending regulatory approval.
Christopher Flatt, interim chief executive of PCS, noted: “Our distribution partnership with Ryan Specialty will advance PCS’s transformation into a best-in-class managing general underwriter in the high- and ultra-high-net-worth markets.
“Ryan Specialty complements PCS’s deep underwriting, portfolio management, distribution, and technological expertise, and together we are ideally positioned to more efficiently deliver differentiated capabilities and services to our retail partners and clients.”
Peter Zaffino, chair and CEO of AIG, emphasized the importance of the tie-up, stating: “PCS’s exclusive wholesale distribution partnership with Ryan Specialty is a major milestone for PCS and AIG and creates the ability to access the market with an industry leader in the wholesale segment with the infrastructure, expertise, and unique capability to profitably scale businesses.
“We have the utmost respect for Pat Ryan and Tim Turner, and the partnership with Ryan Specialty will enable PCS to provide comprehensive admitted and non-admitted capabilities to meet clients’ needs as the business evolves to address supply chain constraints, the impact of inflation on the housing market, and the increased frequency and severity of secondary perils.
“I am also very pleased to announce the formation of Marbleshore Specialty, which will serve as AIG’s 50-state E&S company dedicated to the ultra- and high-net-worth business.”
Meanwhile, Ryan Specialty founder, chair, and chief executive Pat Ryan (pictured) pointed out that PCS’s strategic use of E&S paper creates flexible solutions addressing the market’s coverage gaps.
“This exclusive distribution partnership with PCS will further enhance our national wholesale brokerage business and the superior service Ryan Specialty provides to our high-net-worth customers,” he added. “We look forward to working closely with PCS and AIG to deliver new products and services to this highly coveted segment of the market.”
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