ANV & Jubilee Announce Strategic Combination
September 16, 2013 – ANV Holdings BV (“ANV”), the Dutch-headquartered specialty insurance business founded by R. Matthew Fairfield, and Ryan Specialty Group, LLC (“RSG”) today announced that they have entered into an agreement to combine their Lloyd’s managing agency operations, ANV Syndicate Management Limited (“ASML”) and Jubilee Managing Agency Limited (“Jubilee”).
Upon completion of the transaction ANV will hold 80% of the ownership in ASML and RSG will own the remaining 20%. Other terms of the transaction were not disclosed. The newly combined operations will manage ANV Syndicate 1861 and Jubilee Syndicates 5820 and 779. ASML will also continue to manage Apollo’s Syndicate 1969.
This transaction will create a single, stronger, more efficient platform from which to build out the complementary underwriting business of the ANV and Jubilee syndicates. With managed capacity of over £400 million, the consolidated business will benefit from greater scale, as well as diversification through a broader range of product lines, all of which will improve its value proposition to brokers, clients, and capital providers. This transaction between ANV and RSG brings together two of the most dynamic and respected insurance businesses launched in recent years.
“Lloyd’s and the London market are where some of the best underwriting teams work and help lead the world’s insurance industry,” explains R. Matthew Fairfield, Founder and Chief Executive Officer of ANV. “As a firm that sees strong underwriting as the top priority for both our growth and profitability, we could not be happier than to be investing further into Lloyd’s. We are very fortunate to have the opportunity to work with such high quality people that RSG has committed to Jubilee. With this step we continue to build a strong foundation that serves all stakeholders for many years to come.”
Patrick G. Ryan, Chairman and CEO of RSG, commented, “There is a strong strategic fit between ASML and Jubilee, in terms of both their complementary underwriting classes and the strengths of their respective managing agency operations. RSG remains highly committed to Lloyd’s and this transaction allows us to develop our strategy for underwriting at Lloyd’s from a position of enhanced scale.”
Completion of the transaction is expected in the fourth quarter of 2013 following confirmation of customary closing conditions and regulatory approvals.
About ANV: ANV and its lead investor, Ontario Teachers’ Pension Plan, are building a best-in-class global specialty insurance group. ANV provides underwriting for specialty risk solutions for global organizations both as a MGA as well as a risk-bearing insurer. With offices in Hong Kong, Barcelona, London, Rio de Janeiro and New York City, ANV has built a team of leading underwriting specialists focused on providing solutions for specialty risks on a global basis. For more information, visit www.anv.eu.com. For further information please contact: Jeff Watts +34 935 459 000 or firstname.lastname@example.org
About Jubilee: RSG completed the acquisition of specialist Lloyd’s insurer Jubilee in September 2011. Jubilee underwrites Consumer Products, Property, Political Risk & Terror, Casualty, and Life business through its two Lloyd’s syndicates. For more information please see www.jubilee-insurance.com/Jubilee-at-Lloyds. For further information please contact: Alex Wise, Concise PR Mob: +44 7710 665615 or Ian Barrett, Concise PR Mob: +44 7949 422257
About Ontario Teachers’ Pension Plan: With $129.5 billion in net assets as of December 31, 2012, the Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund’s assets and administers the pensions of 303,000 active and retired teachers in Ontario. For more information, including our 2012 and previous annual reports, visit www.otpp.com. Follow us on Twitter: @OtppInfo
About Ryan Specialty Group: Founded by Patrick G. Ryan, (retired CEO and founder of Aon Corporation), Ryan Specialty Group, LLC (RSG) was established in 2010. Headquartered in Chicago, Illinois, RSG is a global organization consisting of wholesale brokerage, underwriting managers and other specialty insurance services to agents, brokers and insurance carriers.As well as Jubilee, RSG’s European operations include Direct Group, Lutine, and Jubilee Europe, which are not included in this transaction. For more information about RSG or any of the companies within RSG, please visit www.ryansg.com.