Ryan Specialty Group, LLC Announces Trading Partnership with Beazley, Acquires Renewal Rights to Long Term Care Insurance Portfolio
May 20, 2011, CHICAGO, ILLINOIS – Ryan Specialty Group, LLC (RSG) announced today that it agreed to a trading partnership with Beazley Group under which Beazley will continue to offer insurance products to targeted long term care facilities in the U.S. through a program underwritten by RSG Underwriting Managers, and trading under the name Sapphire Blue. The company also announced that it has acquired from Beazley the renewal rights and certain related assets of Beazley’s U.S. long term care insurance portfolio.
Adrian Cox, Head of Specialty Lines at Beazley, says, “We are pleased to enter into this longterm relationship with RSG and Patrick Ryan, whose long-standing ties with Lloyd’s are widely known. We look forward to expanding our long term care product offerings through Sapphire Blue as part of our growing healthcare professional liability insurance business, as well as developing other opportunities with RSG.”
Patrick G. Ryan, Chairman, and CEO of RSG adds, “A disciplined underwriting management platform, with solid relationships in the London markets, is integral to our overall strategy, and Beazley is a widely recognized leader with proven success not only in London, but also through its initiatives in the U.S. This new partnership is an important step in our goal of enhancing our specialty underwriting operations in the London markets and throughout the U.S.
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About Ryan Specialty Group, LLC (RSG)
Ryan Specialty Group, LLC is a global holding company for wholesale brokerage, MGU/MGAs and other specialty services to agents, brokers and insurance carriers. www.ryansg.com
About Beazley Group
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd’s syndicates and, in 2010, underwrote gross premiums worldwide of $1,741.6 million. All Lloyd’s syndicates are rated A by A.M. Best. Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s. www.beazley.com