Ryan Specialty enters deal to acquire Chicago-based MGU
Ryan Specialty enters deal to acquire Chicago-based MGU | Insurance Business America
Insurance News
Ryan Specialty enters deal to acquire Chicago-based MGU
Deal targets growth of its employee benefits practice
Insurance News
By
Mika Pangilinan
Ryan Specialty has signed a definitive agreement to acquire Chicago-based AccuRisk Holdings, LLC, a medical stop loss managing general underwriter (MGU) founded in 2017.
The announcement was made by the international specialty insurance firm through a Press release, with founder, chairman and CEO Patrick G. Ryan commenting on how the deal is set to expand its employee benefits practice.
“The AccuRisk team shares our vision to develop a comprehensive integrated health solution, providing retail brokers with a ‘one stop shop’ for self-insurance needs,” said Ryan. “Together Ryan Specialty and the AccuRisk professionals will be able to accelerate the rate of innovation in the employee benefits industry.”
John Zern, president and CEO of Ryan Specialty Benefits, also spoke of the acquisition’s potential, highlighting how the AccuRisk team “adds exceptional talent, unique capabilities, and product depth to our employee benefits practice.”
AccuRisk offers traditional insurance products alongside advanced risk mitigation solutions. It has established a national footprint through its Illinois headquarters, as well as its offices in Massachusetts and South Carolina.
For the year ended July 31, 2023, AccuRisk reported revenue of approximately $25 million.
“Since our founding, we have been focused on driving product innovation to enhance both flexibility and efficiency,” said president and CEO Dan Boisvert. “We are thrilled to be partnering with Ryan Specialty who shares our vision for the future of employee benefits. We are equally excited to have the opportunity to work with Ryan Specialty to further enhance our distribution relationships. We believe that joining Ryan Specialty sets the stage for the next upward inflection point in our growth trajectory.”
Ryan Specialty’s acquisition of AccuRisk is expected to close in December but the terms of the deal have not been disclosed.
Earlier this year, Ryan Specialty completed its triple swoop for the firms Socius Insurance Services, Point6 Healthcare and ACE Benefit Partners.
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