Ryan Specialty to acquire Griffin assets
Ryan Specialty has signed a definitive agreement to acquire certain assets of Griffin Underwriting Services, a binding authority specialist and wholesale insurance broker headquartered in Bellevue, Washington.
Griffin was founded in 1928 and has relationships with retail insurance brokers both in the Pacific Northwest and across the US. Griffin offers a broad array of solutions across various specialty insurance lines, including earthquake and transportation.
The terms of the transaction were not disclosed and the acquisition is expected to close in January 2023.
“We are excited to embrace the exceptional professionals at Griffin into Ryan Specialty,” said Tim Turner, president of Ryan Specialty and chairman and chief executive of RT Specialty. “Griffin deepens our offerings in the Pacific Northwest, broadening our geographic scope and capabilities. Additionally, Griffin is a critical piece to our continual buildout of our national binding authority offering. We look forward to welcoming the Griffin team to Ryan Specialty.”
Jason Griffin and Van Griffin, co-presidents of Griffin Underwriting Services, said: “We are very familiar with RT Specialty and are thrilled to be joining the team. At Griffin, we pride ourselves in developing top talent and offering a culture that empowers the individual. It is clear that Ryan Specialty is built on this same philosophy. We’re excited about the opportunities that this new phase will create for our employees, and we look forward to the future as a part of the Ryan Specialty family.”
Griffin generated approximately $23 million of revenue for the 12 months ended November 30, 2022.