Ryan Specialty Group, LLC Reaches Agreement to Buy Direct Group to Strengthen MGA and TPA Capabilities
September 18, 2012, CHICAGO, IL – Ryan Specialty Group (RSG) will significantly strengthen its MGA and third party administration (TPA) capabilities in the UK through an agreement to acquire leading insurance services provider Direct Group for an undisclosed consideration. This is subject to regulatory approval.
Direct Group has been a partner to specialist Lloyd’s insurer Jubilee, part of the Ryan Specialty Group, for a number of years. The acquisition will build on Jubilee’s existing TPA operation, Jubilee Service Solutions, and enable the company to access a wider range of complementary services to strengthen its offering to brokers and clients.
Based in Doncaster, Direct Group delivers a range of MGA and TPA services across the insurance industry and provides solutions to financial institutions, corporates and affinities. These include underwriting, proposition delivery, policy administration, premium collection, distribution services, insurer and captive reporting and comprehensive claims handling services. Following the acquisition Direct Group’s directors will remain with the business and play an active role in its future development.
Pat Ryan, founder and Chairman of RSG said: “Ryan Specialty Group’s acquisition of Direct Group represents an important milestone in the development of our company and Jubilee and furthers RSG’s expansion into the global community.” 2 Johnny Rowell, CEO RSG Europe Ltd commented: “The acquisition of Direct Group significantly enhances Jubilee’s capabilities in the core consumer products area in the UK and provides growth opportunities for both Jubilee and Direct Group.”
Derek Coles, CEO of Direct Group said: “We are delighted to be joining the Ryan Specialty Group at this important stage of its development. Having already worked closely with Jubilee we can be certain that the combined offering will deliver great benefits both internally and to our brokers and clients.”
For further information contact:
T 020 7100 3960
M 07710 665 615
Ryan Specialty Group, LLC (RSG) completed the acquisition of specialist Lloyd’s insurer Jubilee Group Holdings Limited (Jubilee) on 24th September 2011. Jubilee currently operates two active Syndicates at Lloyd’s, a managing agency and specialist underwriting distribution and insurance service businesses.
Jubilee Group Holdings Limited includes the businesses of Jubilee Managing Agency Limited, Lutine Assurance Services, Jubilee Europe B.V. and Jubilee Services Solutions Limited.
About Direct Group
Direct Group (www.directgroup.co.uk) aims to be a leading insurance services provider to the UK financial services marketplace. This vision is based around a philosophy of “treating customers and partners as we would expect to be treated ourselves”. The high quality of service offered by Direct Group is supported by a scalable and robust business platform which not only provides Clients’ and Insurers’ with unparalleled quality of management information but also provides the basis for expansion into new products and new market sectors.
Direct Group currently operates on a business-to-business basis by offering products to financial institutions, corporates and affinities plus a range of services across the insurance industry. The services typically offered by Direct Group include product design, proposition delivery, policy administration, premium collection, sales and service, insurer and captive reporting. Plus comprehensive claims handling service including First Notification of Loss (FNOL), desk, inspection, validation and reinstatement.
Direct Group Limited is authorised by the FSA no. 307332.