Ryan Specialty, an international specialist insurance company, has acquired 360° Underwriting, an Ireland-based managing general underwriter specialising in commercial construction insurance.
The financial terms of the acquisition have not been disclosed.
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The acquisition integrates 360° Underwriting into Ryan Specialty’s Underwriting Managers division.
Set up in 2017, 360° Underwriting has a presence in the Irish construction insurance market with its modelling practices and portfolio aggregation management.
360° managing directors Paul Sherry and Tommy Byrne commented: “We are thrilled to partner with Ryan Specialty. They are a very well-respected brand in the construction space. The Ryan Specialty Underwriting Managers platform, with its deep resources and cutting-edge support, is the perfect environment for us to expand our offering.
“Additionally, we are drawn to the strong culture of integrity and empowerment at Ryan Specialty making the firm an excellent fit for our future – allowing us to continue to provide the service levels that our broker trading partners have become accustomed to since 2019.”
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By GlobalData360° Underwriting has attracted capital support for niche insurance products such as latent defect insurance and owner-controlled insurance programmes, Ryan Specialty added.
Ryan Specialty Underwriting Managers International executive chairman Mark Birrell said: “Paul and Tommy are well known in the market for their technical underwriting expertise when it comes to construction.
“Not only are they a perfect fit from a cultural perspective, but they are an excellent complement to our existing latent defect business and a natural entry point for Ryan Specialty to Ireland.”
Earlier this month, Ryan Specialty acquired certain assets from USQRisk Holdings, known for underwriting non-traditional insurance risks.
Ryan Specialty, founded in 2010, serves the insurance industry by providing specialty products and solutions including distribution, underwriting, product development, administration and risk management services.
