Ryan Specialty Group (RSG) has agreed to acquire Westphalen Insurance Services, an independent wholesale insurance brokerage based in Oklahoma, US.
Westphalen, founded in 1987, offers property and casualty, personal lines and transportation insurance products.
As per terms of the deal, the Westphalen team will become part of R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group.
The acquisition is expected to boost RSG’s presence in Oklahoma.
RT Specialty chairman and CEO Tim Turner said: “We are very excited to have Jeff and his team at Westphalen join RT Specialty.
“The Oklahoma City market is one that we’ve been targeting and have been looking for the right broker; Westphalen is that broker. We couldn’t be happier to establish our presence with this team.”
Separately, RSG completed the previously announced acquisition of wholesale insurance brokerage Boston Insurance Specialists (BIS). BIS’ team will now operate as a part of R-T Specialty.
Established in 2001, Boston Insurance offers property, casualty, professional liability, as well as personal lines of insurance products.
Financial terms of both the transactions were not disclosed.
Ryan Specialty Group previously bought Boston Insurance Specialists (BIS) for an undisclosed sum a mere week ago.
As per terms of the agreement, BIS’ team is now a part of R-T Specialty (RT Specialty), the wholesale brokerage unit of Ryan Specialty Group (RSG).
RT Specialty chairman and CEO Tim Turner said: “I have known Debbie and Peggy for many years and have great respect for them and the firm they have built.
“Their knowledge and level of service is top among their peers. We’re thrilled to have them join the RT Specialty team.”
Boston Insurance Specialists president Debbie Murphy stated: “We are excited about joining RT Specialty.
“We view this evolution of our firm as a fantastic opportunity to maintain our local presence while expanding the products and services we offer to our retail broker clients. Our entire BIS team will be joining RT Specialty, and we couldn’t be happier.”