US-based speciality insurance provider Ryan Specialty has signed a definitive agreement to acquire AccuRisk Holdings.

The financial terms of the transaction were not disclosed.

Set up in 2017 and headquartered in Chicago, AccuRisk is a managing general underwriter (MGU) focused on offering medical stop loss solutions, which are bought by businesses that self-fund healthcare benefits for their staff.

AccuRisk’s product portfolio includes group captives, occupational accident, supplemental healthcare management and medical stop loss underwriting.

Ryan Specialty Benefits president and CEO John Zern said that AccuRisk’s product portfolio and depth of knowledge will enable Ryan Specialty to provide comprehensive services to its third-party administrator and retail broker clients.

In 2021, the Ardonagh Group and Amynta Group formed a joint venture to buy AccuRisk.

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For the 12-month period ending 31 July 2023, AccuRisk generated nearly $25m in revenue.

Ryan Specialty founder, chairman and CEO Patrick G Ryan said: “Dan and the AccuRisk team are proven leaders in the medical stop loss space, having built one of the largest independent medical stop loss MGUs.

“Moreover, the AccuRisk team shares our vision to develop a comprehensive integrated health solution, providing retail brokers with a ‘one-stop shop’ for self-insurance needs. Together, Ryan Specialty and the AccuRisk professionals will be able to accelerate the rate of innovation in the employee benefits industry.”

AccuRisk president and CEO Dan Boisvert said: “We are thrilled to be partnering with Ryan Specialty, who shares our vision for the future of employee benefits. We are equally excited to have the opportunity to work with Ryan Specialty to further enhance our distribution relationships.

“We believe that joining Ryan Specialty sets the stage for the next upward inflexion point in our growth trajectory.”

The acquisition is expected to be completed in December 2023.

In May 2023, Ryan Specialty agreed to acquire Socius Insurance Services, a US-based wholesale insurance broker, for an undisclosed sum.