Ryan Specialty agrees to buy London-based MGU from Arch

Ryan Specialty LLC said Thursday it has agreed to buy Castel Underwriting Agencies Ltd., a London-based managing general underwriting platform, from Arch Financial Holdings (UK) and minority shareholders.

Terms of the transaction were not disclosed. It is expected to close during the first half of 2024, subject to regulatory approvals and customary closing conditions.

Castel consists of 13 managing general underwriters, including transactional liability, renewable energy and marine, with a concentration in the U.K. and Europe, Ryan Specialty said in a statement.

Castel generated about £35 million ($44.4 million) of operating revenue for the 12 months ended Nov. 30.

Ryan Specialty said earlier this month it is combining several of its MGU operations into a single international financial lines MGU named Ryan Financial Lines.