Ryan Specialty buys into ART

Ryan Specialty Group is buying into alternative risk insurance specialist Keystone Risk Partners. The insurer has signed a definitive agreement to acquire “certain assets” of Keystone and expects to conclude the deal later this month.

The terms of the transaction were not disclosed.

Pennsylvania-based Keystone provides captive consulting and management to brokers and their commercial insurance clients across a wide range of sectors. In the 12 months to the end of November, it generated approximately $8 million of revenue.

“By joining forces with Ryan Specialty, we are able to expand our platform to deepen our offerings with the vast resources of Ryan Specialty behind us, said Andrew Lewis, Keystone Partners principal.

“Combining our talent in the disciplines of underwriting, actuarial, banking, accounting, reinsurance and captive insurance company formation and management with the Ryan Specialty platform will allow us to continue to evolve the creative, customized solutions we offer our agent and broker clients.”

Patrick Ryan, founder, chairman and CEO of Ryan Specialty, welcomed the new business: “Keystone brings new talent to Ryan Specialty, allowing us to expand our offerings to our retail broker and agent trading partners facilitating access to alternative risk capital. We are very excited to welcome the team of Keystone into the Ryan Specialty family and look forward to developing our alternative risk strategy together.”