Ryan Specialty Group, LLC Enters into Definitive Agreement to Acquire Specialist Lloyd’s Insurer Jubilee Group Holdings Limited
May 18, 2011, CHICAGO, IL – Ryan Specialty Group, LLC (RSG) announced today that it has entered into an agreement to acquire 100% of the share capital of specialist Lloyd’s insurer Jubilee Group Holdings Limited. Jubilee Group Holdings owns Jubilee Managing Agency Limited and the distribution and administration businesses Lutine Assurance Services Ltd., Jubilee Service Solutions Limited and Amsterdam-based Jubilee Europe BV. Jubilee benefits from substantial financial strength: Lloyd’s currently enjoys an A rating from A.M. Best and A+ ratings from Fitch Ratings and Standard & Poor’s. RSG was advised by Aon Benfield Securities, Inc. Under the transaction, RSG does not intend to acquire the existing Corporate Members for the three Jubilee Syndicates 779, 5820 and 1231. The sale is subject to Lloyd’s and FSA approval.
Johnny Rowell, Managing Director of Ryan Specialty Group, responsible for Europe, says, “The Jubilee team has a strong track record of delivering results over a number of underwriting cycles. We look forward to Jubilee’s addition to the RSG family of companies and also to its role as a significant contributor in our effort to introduce and support new products and programs in the London and European markets in a meaningful way.”
Patrick G. Ryan, Chairman, and CEO of RSG, adds, “Jubilee is a strategically important acquisition for RSG. It provides us with direct access to the Lloyd’s market and represents a key 2 cornerstone of our strategy to provide specialty expertise and commitment to insurance underwriters, brokers and agents across a single, unique platform.”
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 for wholesale brokerage, MGU/MGAs and other specialty services to agents, brokers and insurance carriers. www.ryansg.com
About Jubilee Group Holdings Limited
Jubilee Group Holdings Limited includes the businesses of Jubilee Managing Agency Limited, Lutine Assurance Services, Jubilee Europe B.V. and Jubilee Services Solutions Limited. www.jubilee-insurance.com/Jubilee-at-Lloyds