Ryan Specialty Group, LLC Announces Expansive Transactional Liability and Tax Insurance Facility through Concord Specialty Risk
December 7, 2011, Chicago, IL – Ryan Specialty Group, LLC (RSG) announced today that Concord Specialty Risk (Concord) has entered into new trading relationships with Arch Specialty Insurance Company (Arch), Freedom Specialty Insurance Company, and a U.S. subsidiary of Zurich Insurance Company Ltd. Under the new facility, Concord will underwrite various transactional liability insurance products with a combined capacity of $55 million and the ability to access at least $20 million additional capacity for larger risks. The facility will be administered by Concord in a seamless process from underwriting to binding to claims management and resolution. Concord will act as the single point of contact between the facility markets and the Insured.
Concord’s principals, David De Berry and Kenneth De Berry, have over two decades of experience in underwriting transactional (M&A related) risks (representations and warranties, tax liability exposures, actual or threatened litigations, potential adverse regulatory actions, “successor liability” enforcement) and stand-alone tax insurance (covering, for example, uncertain tax positions required to be included in financial statements and/or reported to the IRS). These insurance products are designed to facilitate transactions by enhancing bids, expediting and easing closings, syndications and offerings, and also provide balance sheet protection.
Patrick G. Ryan, Chairman and CEO of RSG, says, “Our core strategy embodies disciplined underwriting management led by seasoned professionals combined with financially solid trading partners that recognize the distinctive value underwriting managers deliver. Under the long-time leadership of David De Berry and Kenneth De Berry, Concord has established a proven track record of offering state of the art products in a highly-specialized niche, and has consistently delivered excellent underwriting results. Concord Specialty’s deep expertise combined with the market presence of these highly-rated insurers – Arch (currently rated A, XV / Positive by A. M. Best), Freedom Specialty Insurance Company (currently rated A+, XV by A. M. Best), and Zurich (currently rated A+ /Stable by A. M. Best*) – provides the market with a flexible, responsive and satisfying suite of products and services geared to today’s uncertain economic 2 and regulatory climate. We are enthusiastic about the opportunities this new facility will offer agents, brokers and clients.”
For more information on this release, contact David De Berry, (212)-784-5678, firstname.lastname@example.org.
About Ryan Specialty Group, LLC (RSG)
Ryan Specialty Group, LLC is a global holding company for wholesale brokerage, MGU/MGAs, Lloyd’s specialty insurer Jubilee and other specialty services to agents, brokers and insurance carriers. www.ryansg.com
About Arch Insurance Company
Arch Insurance Group Inc., a division of Arch Capital Group Ltd., is a market-leading specialty insurer, providing a wide range of property, casualty and specialty insurance for corporations, professional firms and financial institutions worldwide. The transactional risk products for which we are now partnering will be written out of the Executive Assurance Department, a leading writer of insurance products targeting management liability, employment practices liability, fiduciary liability, professional services liability and fidelity losses. For more information, visit www.archinsurance.com
About Freedom Specialty Insurance Company
Freedom Specialty Insurance Company ® represents a wealth of experience in Specialty Liability insurance, and provides solution expertise, dynamic innovation, and decisive responsiveness to the needs of their clients. Backed by Nationwide’s A+XV rating, the company’s financial strength and stability allows them to serve as a vanguard in Specialty Liability lines. Visit www.freedomspecialtyins.com to learn more about Freedom Specialty Insurance Company, or call John Lopes at 212-329-6925.
About Zurich Financial Services Group (Zurich)
Zurich Financial Services Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets.
*For more information about the ratings of Zurich American Insurance Company, access the ratings section on www.zurichna.com. For more complete financial information about the Zurich Financial Services Group and ratings for Zurich Insurance Company Ltd., access www.zurich.com