Final agreement reached for Ryan Specialty to acquire US Assure

Ryan Specialty, an international specialty insurance intermediary, has announced a definitive agreement to acquire US Assure Insurance Services of Florida, Inc., a Jacksonville-based specialist in builder’s risk insurance that will be integrated into Ryan Specialty’s Underwriting Managers Specialty division.

Founded in 1977, US Assure is a trusted name in the small to mid-market builder’s risk insurance sector.

The company boasts a wide-ranging portfolio across the United States and collaborates with over 20,000 active agents.

Patrick G. Ryan, Founder, Chairman and CEO of Ryan Specialty, commented: “US Assure is one of our industry’s oldest and highest quality programmes, and has developed an outstanding business in a difficult class. Specialising in builder’s risk, US Assure underwrites a diversified portfolio of residential, commercial, and remodelling projects in non-urban locations as well as large metropolitan areas.”

Ryan continued: “Ty Petway and his team have consistently produced profitable business on behalf of their carrier trading partner. We look forward to including US Assure in the Ryan Specialty family.”

Petway, CEO of US Assure, added: “Having been an independent programme for over 47 years, choosing the right partner was paramount for us. Ryan Specialty, with its very talented team and trading partner-centric, employee-centric culture is the right fit for US Assure.

“Ryan Specialty’s values and emphasis on profitable underwriting align with the US Assure way. Being a part of the RSUM platform, with its extensive distribution relationships and technical expertise, will enable our team to continue to grow and expand. We are very much looking forward to being a part of the Ryan Specialty family.”

US Assure’s sophisticated proprietary technology platform enhances underwriting efficiency, providing seamless access for insurance brokers and speeding up the policy issuance process.

They offer admitted market insurance coverage through Zurich American Insurance Company, which holds an “A+” rating from AM Best.

Miles Wuller, President and CEO of Ryan Specialty Underwriting Managers, stated: “The underwriting talent and the proprietary technology that US Assure has developed is second to none. As a best-in-class program with scale and sophistication in the builder’s risk SME segment, particularly for residential risks, US Assure will provide a strong foothold for RSUM in this space and further balance our product offerings.

“The United States still faces a material shortfall in available housing units. We see long term secular growth opportunities for residential construction, as well as renovation and small commercial projects, that will fuel an expanded need for builder’s risk insurance. CEO Ty Petway, President Alan Ferguson, CFO Selena Breedlove and their team are the perfect fit for Ryan Specialty to enter this crucial segment.”

Zurich will continue as the builder’s risk carrier, maintaining the same program capacity and underwriting guidelines. Ryan Specialty will enter into an exclusive underwriting agreement with Zurich for admitted course of construction projects.

Producers can still quote and issue policies at usassure.com, with the same experienced staff from Jacksonville, FL, available to service and underwrite customer accounts. Additionally, other premises liability and property products offered by US Assure will remain available.

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