Ryan Specialty Group to claim assets of wholesale insurance brokerage

Insurance Business America | May 09, 2019

Ryan Specialty Group has reached an agreement to acquire the assets and operations of the Richmond, VA-based insurance brokerage Atlantic Specialty Lines (ASL). Terms of the transaction were not disclosed. ASL is a wholesale insurance brokerage founded in 1996. Aside from its headquarters in Virginia, the company also has additional locations in Florida, Louisiana, New York, Pennsylvania and Texas. ASL’s specialized lines of business include general liability, commercial property, commercial package, professional liability, and personal lines. Following the close of the transaction, the ASL team will become part of R-T Specialty (RT Specialty) – Ryan Specialty Group’s wholesale brokerage unit. The addition of ASL expands RT Specialty’s footprint in the Mid-Atlantic and Southeast regions, and is a step along the unit’s national binding authority strategy, a release said. “We are thrilled to have the ASL team become a part of RT Specialty. Their level of service and expertise is exceptional. ASL is the perfect player to expand in the Mid-Atlantic and Southeast,” said RT Specialty CEO Tim Turner in a statement.

Spotlight

The Council for Economic Opportunities in Greater Cleveland, (CEOGC) is a nonprofit organization and the Community Action Agency for Cuyahoga County that assists residents in achieving their full potential. The Council delivers education, personal and professional development programs and support services to residents of Cuyahoga County. Programs include Early Head Start (birth to three), Head Start (three to five years of age).

Spotlight

The Council for Economic Opportunities in Greater Cleveland, (CEOGC) is a nonprofit organization and the Community Action Agency for Cuyahoga County that assists residents in achieving their full potential. The Council delivers education, personal and professional development programs and support services to residents of Cuyahoga County. Programs include Early Head Start (birth to three), Head Start (three to five years of age).

Related News

AUTOMOBILE INSURANCE

Greater Than listed in AIFinTech100 list as one of world's most innovative AI solution providers

Greater Than | July 12, 2022

Greater Than the global provider of DriverDNA for real-time insurance and predictive risk insights, is listed in AIFinTech100, in recognition of its next-generation pattern AI technology providing real-time predictions of car crashes and CO2 emissions. The AIFinTech100 list, published today, highlights the world's most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services. These are the companies every financial institution needs to know about as they consider and develop their digital transformation strategies and new customer propositions. "We're extremely proud that our unique patented AI technology has been recognized in the prestigious AIFinTech100 list. Thanks to the dedication and perseverance of our team, our AI can find micropatterns in people's behavior, enabling us to create a DriverDNA for every trip, with a crash probability, cost and CO2 impact attached to it. This is transforming the risk forecasting landscape for insurance, mobility providers and fleets, and incentivizing safer, cleaner driving behaviors for the benefit of the wider community," Sten Forseke, Founder of Greater Than The adoption of AI and data analytics solutions by financial institutions has exploded over the last two years accelerated by technological advancements, increased use of digital channels, and shifting regulatory frameworks. Additionally, the potential cost savings for banks from AI applications is estimated to reach $447bn over the next 12 months. As a result, the number of tech providers employing AI or data solutions to solve challenges in areas such as banking, insurance, customer experience, investment & trading and compliance has skyrocketed. This made the selection process for this year's AIFinTech100 list extremely competitive as the finalists were selected by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies. "Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry," - says Richard Sachar, Director of FinTech Global.

Read More

CORE INSURANCE

HUB INTERNATIONAL STRENGTHENS PERSONAL INSURANCE CAPABILITIES WITH ACQUISITION OF THE ASSETS OF BUBRIG INSURANCE AGENCY, LTD. IN LOUISIANA

Hub International | August 05, 2022

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of Bubrig Insurance Agency, Ltd. and its affiliate Blue Cedar Insurance, LLC (collectively, Bubrig Insurance Agency). Terms of the transaction were not disclosed. Located in Belle Chasse, Louisiana, Bubrig Insurance Agency is an independent agency providing personal insurance solutions, including home, auto, flood, life and recreation. "With Bubrig Insurance Agency, we will continue our growth in the region, We are enthusiastic about our future together, and we're confident that this partnership will create new opportunities for us." -Shaun Norris, President of Hub Gulf South Bill Bubrig, President, and the entire Bubrig Insurance Agency team will join Hub Gulf South. Joining Hub is an attractive opportunity and gives us access to additional national resources and capabilities so that we can continue to provide the highest quality of service to our clients, said Bubrig. About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

Read More

INSURANCE TECHNOLOGY

Milestone Partners Invests in a Holding Company for Specialty Auto Insurance

Milestone Partners | May 27, 2022

Milestone Partners announces the formation of specialty auto insurance holding company Drive Assurance Holdings LLC ("Drive Assurance"). It also announces the acquisition of GoAuto, LLC ("GoAuto") and its technology platform, Adaptive Information Technologies, LLC ("Adaptive Information Technologies") ("AIT"). GoAuto is a vertically integrated, tech-focused personal auto insurance platform that offers low-limit plans via its managing general agent and insurance carrier subsidiaries. GoAuto, which was founded in 2009 and distributes insurance directly to consumers online and through 70 captive shops, has traditionally achieved lower loss ratios and higher profitability than its industry counterparts by employing AIT's unique data analytics and underwriting technology. The dedicated balance sheet capacity of GoAuto's insurance carrier enables for better value chain capture, which is enhanced by reinsurance arrangements that enable an asset light approach and lower retained risk. GoAuto's speciality market area is expanding, highly fragmented, and anticipated to account for nearly 22% of total personal vehicle insurance premiums of $260 billion. GoAuto is Louisiana's third largest personal auto insurance, with operations expanding into Texas, Nevada, and Ohio. At GoAuto, Milestone intends to implement policies in the areas of environmental, social, and governance, as well as diversity, equity, and inclusion. GoAuto's proprietary software enables superior customer analytics and data-driven operations that have established them as a market leader. We look forward to working with the management team on executing their strategic initiatives." Adam Curtin, Partner at Milestone. Greg Tramontin, CEO and Founder of GoAuto, shared that they are looking forward to working with Milestone as they enter the next phase of their development. They are certain that, together, they will continue to provide best-in-class vehicle protection products and customer support to their loyal customers, given their specialized sector emphasis on financial technology companies and extensive experience in automotive finance services.

Read More