Ryan Specialty to acquire California-based wholesale broker
Ryan Specialty to acquire California-based wholesale broker | Insurance Business America
Mergers & Acquisitions
Ryan Specialty to acquire California-based wholesale broker
Deal is expected to close in July 2023
Mergers & Acquisitions
By
Mika Pangilinan
Ryan Specialty has signed a definitive agreement to acquire Socius Insurance Services, a national wholesale insurance broker based in Northern California, from Abry Partners, employees and other shareholders.
The deal is expected to close in July 2023 and will see Socius become part of RT Specialty, Ryan Specialty’s wholesale distribution specialty. The terms of the transaction were not disclosed.
Established in 1997, Socius has developed extensive expertise in managing complex lines of business, including professional liability, cyber liability, and property and casualty insurance. The company also boasts a significant concentration of highly skilled professionals in key hubs such as San Francisco, Miami, and Tampa, which will contribute to the expansion of RT Specialty’s scale and distribution capabilities.
Expressing his enthusiasm about the acquisition, Tim Turner, president of Ryan Specialty and chairman and CEO of RT Specialty, commended the quality of the Socius team.
“We have known them for many years and admire their professional approach to the business, technical acumen, and phenomenal execution,” said Turner. “We look forward to embracing these talented individuals and providing even more opportunities to them as they become a part of the RT Specialty platform.”
Meanwhile, Patrick Hanley, Socius co-founder, president, and CEO, expressed confidence in joining the Ryan Specialty family, affirming that the move is the right decision for his team.
“From the beginning of our firm, we have been committed to doing things ‘the right way’ – winning our clients’ trust through expertise and dedication,” said Hanley.
“Moreover, we have created an exciting, rewarding, and collaborative work environment for our employees to maximize their potential. We believe that Ryan Specialty embraces these same values and culture. By joining forces with RT Specialty, we are positioning our professionals with a platform that will further accelerate their growth.”
Nathan Ott, partner at Abry Partners, also acknowledged Socius’s growth during and remarked that it consistently outperformed expectations.
“In combining with Ryan Specialty, we have every confidence that Socius is poised to achieve its next level of growth. We wish the Socius team continued success,” said Ott.
Last month, Ryan Specialty announced the promotions of Brenda Austenfeld and Chris Houska to key leadership positions within their respective RT Specialty practices. Austenfeld was named president and CEO of RT Specialty’s national property practice, while Houska assumed the position of president of the national casualty practice.
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