Ryan Specialty Group, LLC Acquires Global Special Risks from Willis North America
January 5, 2012, Chicago, IL – Ryan Specialty Group, LLC (RSG) today announced the acquisition of Global Special Risks, LLC (GSR), a specialty underwriting manager from Willis North America Inc., a subsidiary of Willis Group Holdings (NYSE:WSH). GSR specializes in providing innovative solutions for energy, marine and specialty product offerings with the London and North American markets. GSR will become part of RSG Underwriting Managers, LLC. Willis Capital Markets & Advisory acted as a financial advisor to Willis. Terms of the transaction were not disclosed.
GSR was formed in 1979 as a London Market Coverholder (a Managing General Agency for Lloyd’s and London Companies.) Over the years GSR has been at the forefront of creating new products specifically developed to fit the needs of energy and marine clients. The agency offers a broad range of exclusive, innovative products for this market niche including well control, comprehensive general liability, excess liability, contractor’s equipment, professional liability, business interruption, cargo, maritime employer’s liability and more.
RSG Chairman and CEO, Patrick G. Ryan notes “We are thrilled with the acquisition of Global Special Risks. GSR has a long tradition of innovation in the energy and marine areas. It brings a unique perspective to our specialty insurance offerings, providing our clients with an efficient underwriting platform and product distribution network of highquality front-end services for energy and marine clients.”
Willis Chairman and CEO Joe Plumeri adds, “We believe that joining GSR with the specialty underwriting companies of RSG is a good move for its team and energy clients.”
For more information on this release, contact Chelsey Krull, (312) 784-6043, firstname.lastname@example.org.
About Ryan Specialty Group, LLC (RSG)
Ryan Specialty Group, LLC is a global holding company which includes a select group of highly-specialized underwriting companies, a Lloyd’s insurer and other specialty services designed specifically for agents, brokers and insurers. www.ryansg.com
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.