The acquisition will integrate Velocity Risk into Ryan Specialty’s Underwriting Managers division. Credit: T. Schneider/Shutterstock.

Specialty insurer Ryan Specialty has agreed to acquire Velocity Risk Underwriters for an upfront cash consideration of $525m.  

The acquisition will integrate Velocity Risk into Ryan Specialty’s Underwriting Managers division. 

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Set up in 2015, Velocity Risk is a managing general underwriter headquartered in Nashville, Tennessee. 

It specialises in US property catastrophe risks, focusing on middle market and small to medium-sized commercial businesses.  

The deal also includes the sale of Velocity Risk’s fully owned E&S carrier, Velocity Specialty Insurance Company (VSIC), to commercial property mutual insurance company FM.  

Velocity Risk reported operating revenue of approximately $81m for the 12 months ending 31 December 2024, with the purchase price excluding any earnout consideration and the value of VSIC. 

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Contingent upon regulatory approvals, the deal is expected to be completed in early 2025.  

Insurance Advisory Partners and Howden Capital Markets & Advisory offered financial advice to Velocity and Oaktree, while Debevoise & Plimpton provided legal counsel.  

Ryan Specialty was advised by J.P. Morgan Securities and secured legal counsel from Sidley Austin. Willkie Farr & Gallagher provided legal counsel to FM. 

Ryan Specialty Underwriting Managers CEO and president Miles Wuller said: “Adding Velocity to our property catastrophe portfolio significantly enhances our ability to serve our wholesale clients and further solidifies Ryan Specialty Underwriting Managers as the preeminent delegated authority platform in the country.” 

FM CEO and chairman Malcolm Roberts stated: “VSIC’s focus on property insurance and expertise in understanding the new risk landscape that many businesses face aligns perfectly with FM’s mission and may eventually allow us to provide our clients with an even broader suite of products and solutions to meet risks today and in the future.”