AM Best assigns Performance Assessment to RSUM

Credit rating agency AM Best has assigned a Performance Assessment of PA-1 (Exceptional) to a group of nine affiliates of Ryan Specialty Underwriting Managers (RSUM), and given them a stable outlook.

At the same time, AM Best upgraded the assessments to PA-1 (Exceptional) from PA-2 (Excellent) of Ryan Specialty Underwriting Managers International Limited (RSUMI) (United Kingdom) and its subsidiary, Ryan Specialty Netherlands B.V. (RSN) (Netherlands).

The outlook of these two assessments has been revised to stable from positive.

According to the rating agency, the upgrades reflect RSUMI’s and RSN’s successful integration into RSUM’s global operations following their acquisition in May 2024.

AM Best now assesses all eleven affiliate companies on a consolidated basis under RSUM, recognising their unified underwriting practices, governance, branding, financial performance, and strategic alignment.

The agency highlighted RSUM’s exceptional underwriting capabilities, exceptional governance and internal controls, excellent financial condition, exceptional organizational talent and exceptional depth and breadth of relationships.

It noted that the 11 affiliated companies, encompassing over 35 Managing General Underwriters (MGUs), operate under a unified framework, crucial for delivering specialty insurance products in the US and internationally.

AM Best also stated that it considers RSUM’s underwriting performance as exceptional, as well as its governance and internal controls, financial condition, organisational talent and depth and breadth of relationships.

The agency noted that the 11 affiliated companies, encompassing over 35 Managing General Underwriters (MGUs), operate under a unified framework, crucial for delivering specialty insurance products in the US and internationally.

According to AM Best, exceptional RSUM’s underwriting performance operates one of the largest underwriting platforms in the specialty insurance market with over 250 specialised products.

The organisation also benefits from robust capital access, an extensive broker network, and significant investment in technology, analysts noted.

The agency also raised RSUM’s strong governance, disciplined mergers and acquisition strategy, and its joint venture, Geneva Re, which allows for strategic risk participation in underwriting results. RSUM’s financial health is supported by balanced growth, consistent profitability, and strong operating cash flows.

As a publicly traded company, Ryan Specialty Holdings, RSUM’s parent, benefits from enhanced capital access and market oversight.

AM Best further commented on RSUM’s “exceptional organisational talent”, which the agency highlighted, is supported by a seasoned senior leadership team with extensive industry knowledge and specialised underwriting talent embedded across individual MGUs.

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