Ryan Specialty

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%.

Total revenues at the Chicago-based wholesale broker increased 16.7% to $412mn from Q3 last year, driven by the expansion of the E&S market, organic growth and M&A.

The new executive will support the company’s underwriting practices, launching new program opportunities, and reinforcing efficient operational activities.

The executive worked for JP Morgan after various stints in the insurance industry with State Farm and Allstate.

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The Ryan Specialty CEO said that loose wordings were contributing to the surging size of claims

The company also announced it was rebranding Interstate Insurance Management to Ryan Specialty Transportation Underwriting Managers.

Ryan Specialty president Tim Turner said that the overall flow of submissions into the excess channel “continues to grow at a record pace” with no signs of slowing down.

The program provides up to $15mn in capacity per account and is underwritten by Ryan Specialty-owned MGU EmergIn Risk.

Evans has more than 10 years of experience with NSP.