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The MGA will have a broad casualty-focused appetite with Lloyd’s capacity backing. -
This was Ryan’s second-largest 2024 deal, after its $1.4bn Assure purchase.
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Sources said that the MGA has been working with investment bank Waller Helms to find a potential investor.
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The company stopped writing new business last September and lost capacity from SiriusPoint.
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The MGA’s US clients will now have access to London market capacity.
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The traditional R&W product is seeing an increasing number of large losses.
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The company is on target to write around $700mn in premiums this year.
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Sources said that Waller Helms/Houlihan Lokey is working with the firm as financial adviser.
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Regulators have been keeping a close watch on the market, however.
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Other backers include Arch Specialty, Allianz, Allied World and HDI.
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Interest in maintaining current DUAE relationships outweighs forging new ones.
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Sources said the MGA secured support from MS Transverse, Axis, AmTrust and Summit for TL business.
