Ryan Specialty completes trifecta of acquisitions
Ryan Specialty completes trifecta of acquisitions | Insurance Business America
Insurance News
Ryan Specialty completes trifecta of acquisitions
Leaders welcome teams from North Carolina, Texas, and Idaho
Insurance News
By
Mary Or
International specialty insurance provider Ryan Specialty has concluded a suite of acquisitions, following through on previously made announcements. Two of them come from the medical stop-loss sector.
Socius Insurance Services
Ryan Specialty announced that it finalized purchasing national wholesale insurance broker Socius from Abry Partners and other shareholders. Socius will now form part of Ryan Specialty’s wholesale distribution platform RT Specialty, adding its wealth of experience in P&C, professional, management, and cyber liability insurance to RT’s own offering.
Commenting on the deal, Ryan Specialty president Tim Turner said he was “thrilled” to welcome the “high-quality Socius team” to RT Specialty, having known and admired Socius and its professional approach to the insurance business for many years. Ryan Specialty previously noted that Socius produced ‘significant concentrations’ of high-calibre local talent in key areas such as Miami, San Francisco, and Tampa, which would support RT Specialty’s scale and distribution capabilities.
Point6 Healthcare
Ryan Specialty also completed the acquisition of certain assets of Plano, Texas-based insurance distributor Point6 Healthcare. Founded in 2018, Point6 Healthcare distributed medical stop-loss insurance, pharmacy solutions, and complex claims management on behalf of retail brokers and third-party administrators. Its CEO, Jeff Miller, said that Point6 had been dedicated to developing innovative healthcare solutions to address “rapidly escalating” industry costs since its inception.
Ryan Specialty first announced its acquisition of Point6 healthcare last month.
“Point6 has built a solution set that is mission-critical for retail brokers and third-party administrators seeking to help their clients in ‘bending the cost curve’,” said Ryan Specialty Benefits CEO John Zern in a June statement. Zern said Point6 addressed the usual “pain points” of self-funded employers – financial certainty, drug pricing, and complex claims.
ACE Benefit Partners
Following an announcement dated June 6, Ryan Specialty has finally completed its acquisition of certain assets of ACE Benefit Partners, another stop-loss general agent based in Eagle, Idaho.
ACE was founded in 2014 and has since built expertise in medical stop loss and large group life and disability benefits.
“The ACE team has proven to be true experts in the field of medical stop-loss insurance, a foundational benefits solution with ever increasing relevance as employers seek the twin goals of flexibility and cost efficiency,” said Ryan Specialty founder, chair and CEO Pat Ryan.
“We’re excited to partner with ACE to assist retail brokers and [third-party administrators] in crafting optimal insurance structures on behalf of their clients.”
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