Speciality insurer Ryan Specialty has agreed to purchase certain assets of binding authority specialist and wholesale insurance broker Griffin Underwriting Services.
The deal value was not made public.
Based in Bellevue in the US state of Washington, Griffin offers a range of speciality insurance products covering earthquake, transportation, among others.
The firm, established in 1928, generated around $23m in revenue for the 12 months ended 30 November 2022.
Griffin co-presidents of Underwriting Services Jason Griffin and Van Griffin said: “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.”
The deal is scheduled to complete in January next year.
Ryan Specialty president Tim Turner said: “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.”
The latest deal comes shortly after Ryan Specialty’s purchase of certain assets of Centurion Liability Insurance Services, a professional lines wholesale insurance broker.
Meanwhile, in April this year, Ryan Specialty extended its alliance with Nationwide to support the needs of the specialty insurance marketplace.