Ryan Specialty

The firm said the loss is related to replacement coverage costs from policies that were placed in 2022 but were underwritten by an unsatisfactory carrier.

Need to Know

The broker earlier reported that its Q4 organic growth decelerated 3.4 points sequentially and 5.1 points year-on-year to 10.3%, amid an overall public broker market slowdown.

This marked a 5.1-point slowdown compared to the prior-year period.

The company plans to provide both primary and excess layers coverage across the region, depending on the opportunities in each territory.

The newly formed structure combines the operations of New York-based Concord Specialty Risks and London-based Ryan Specialty Transactional Risks International.

The business is a binding authority and wholesale broking specialist, with annual revenues of $23mn.

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Management said secular drivers for organic growth remain intact despite headwinds persisting in E&S, M&A transaction liability policies and public D&O.

The broker also lowered its organic growth guidance for the full year 2022 to 14.5%-16%, compared with the prior guidance range of 16.5%-18%.

The company’s Q3 organic growth decelerated 8.6 points sequentially and 15.2 points year-on-year to 13.7%.