New Underwriting Management Partnership for Converging Risk Coverage Announced by Ryan Specialty Group’s ThinkRisk and Aspen US Insurance
January 17, 2013, CHICAGO, IL – Ryan Specialty Group’s (RSG) ThinkRisk Underwriting Agency (ThinkRisk) and Aspen US Insurance (Aspen) announced today that they have entered into a new underwriting partnership. ThinkRisk will transition its existing Converging Risk program – specialized errors and omissions insurance for media, advertising, technology, privacy and network and security risks – to Aspen in the capacity as their MGU for this product in the US.
RSG Chairman Patrick G. Ryan said, “The convergence of media, technology and privacy exposures across a wide range of diverse industries requires particular underwriting expertise. ThinkRisk is an acknowledged industry leader in this segment. Aspen’s reputation as a leading global insurer with a keen focus on developing innovative specialty insurance products, and their strong interest in and commitment to this segment aligns perfectly with ThinkRisk’s long-term strategic plans. We believe strongly that this partnership between ThinkRisk and Aspen will offer tremendous value to our brokers and clients.”
ThinkRisk President Nicole Haggerty noted, “Technology is a double-edged sword. While it has helped us become more efficient, it has had unintended consequences that require a diverse and comprehensive range of liability products to manage the associated risks. By partnering with Aspen, we will be able to respond to these emerging risks quickly and efficiently with innovative E&O products and risk management services for our clients.”
Bruce Eisler, Aspen’s Executive Vice President and Chief Underwriter of the Professional Liability division added, “We are excited about the opportunity to partner with Ryan Specialty Group-specifically, ThinkRisk. Aspen is able to offer both surplus lines and admitted capabilities which are anchored by our financial strength and “A” rating from A.M. Best. The converging risk liability offering with ThinkRisk provides a strong complement to Aspen’s existing standalone professional liability products, and reflects our commitment to selectively expanding our product offering in our target market segments.”
For more information on this release, contact Chelsey Krull, (312) 784-6043, firstname.lastname@example.org.
About Ryan Specialty Group, LLC and ThinkRisk Underwriting Agency
Ryan Specialty Group, LLC is a global holding company which includes ThinkRisk Underwriting Managers and other highly-specialized underwriting companies, a Lloyd’s insurer and specialty services designed specifically for agents, brokers and insurers. www.ryansg.com
About Aspen US Insurance
Aspen US Insurance, which is part of Aspen Insurance Holdings Limited (“Aspen”), writes property, casualty and specialty insurance in the US on both a surplus lines and admitted basis through Aspen Specialty Insurance Company and Aspen American Insurance Company. Our underwriting teams have a specialized focus on opportunities in Inland Marine and Ocean Risks, Professional Liability, Management Liability and Directors and Officers Insurance which are underwritten in addition to established lines of Property, General Casualty and Environmental Liability. Further information about Aspen can be found at www.aspen.co
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995
This press release contains written, and Aspen’s officers may make related oral, “forwardlooking statements” within the meaning of the U.S. federal securities laws regarding its execution of its business plans. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “will,” “estimate,” “may,” “continue,” and similar expressions of a future or forward-looking nature. All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such statements, including changes in market conditions and their impact on our business. For a detailed description of uncertainties and other factors that could impact the forward-looking statements in this release, please see the “Risk Factors” section in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the U.S. Securities and Exchange Commission on February 28, 2012.