Ryan Specialty has expanded its partnership with US-based insurer Nationwide in a bid to address the requirements in the specialty insurance marketplace.

The companies entered into a new strategic arrangement that will provide Ryan Specialty with limited exclusive access to insurance capacity on paper offered by Nationwide’s Harleysville of New York to support alternative risk placements.

Capital will be provided through traditional risk transfer via Ryan Specialty’s managing general underwriters or through an alternative risk placement following the formation of a captive or other strategy and operated in conjunction with Keystone Risk Partners.

The new collaboration builds on an existing relationship that dates back to May 2019 when Ryan and Nationwide agreed to a joint venture (JV) and established Bermuda-based reinsurer Geneva Re.

The companies will continue to remain parties to the JV.

Ryan Specialty founder, chairman and CEO Patrick G. Ryan said: “There are many risks within the specialty insurance market that are not being serviced fully, where conventional insurance isn’t totally addressing the needs of the client.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“This arrangement allows for agility and innovation with a world-class financial institution whose financial ratings and performance are remarkable. We are very proud to build upon our joint venture relationship as we continue to deepen our strategic alignment with Nationwide in order to provide true value add to the industry.”

Nationwide E&S/Specialty president Russ Johnston said: “This is a natural extension of the existing joint venture we already have under the Geneva Re partnership.

“We look forward to continuing to grow with Ryan Specialty, who is one of our largest E&S / Specialty distribution partners.”

Last year, Nationwide partnered with AI-driven insurance comparison platform Insurify to provide customers with additional choices.