RSG and Nationwide expand partnership to provide ART capacity
Chicago-headquartered Ryan Specialty has agreed a strategic arrangement with US-based mutual insurer Nationwide to support alternative risk placements.
The companies already have a joint venture together, Bermuda-based reinsurer, Geneva Re Ltd established in 2019. The new agreement gives Ryan Specialty limited exclusive access to insurance capacity on Harleysville of New York, which carries Nationwide’s rating of A+ by both A.M. Best and Standard & Poor’s.
The capital will be either via traditional risk transfer through Ryan Specialty’s managing general underwriters or an alternative risk placement through the formation of a captive or other strategy operated in conjunction with, Keystone Risk Partners, the alternative risk placement business Ryan Specialty acquired at the end of last year.
“We are excited about the opportunity that this new agreement allows Ryan Specialty and Nationwide,” said Ryan Specialty founder and CEO Patrick Ryan.
“There are many risks within the specialty insurance market that are not being serviced fully, where conventional insurance isn’t totally addressing the needs of the client. This arrangement allows for agility and innovation with a world-class financial institution whose financial ratings and performance are remarkable.”
Russ Johnston, president of E&S and Specialty at Nationwide, added: “This is a natural extension of the existing joint venture we already have under the Geneva Re partnership. We look forward to continuing to grow with Ryan Specialty, who is one of our largest E&S / Specialty distribution partners.”
Founded in 2010, Ryan Specialty provides specialty products and solutions for insurance brokers, agents and carriers, including distribution, underwriting, product development, administration and risk management services.