Specialty insurance intermediary Ryan Specialty has entered into a definitive agreement to acquire US Assure Insurance Services of Florida (US Assure).
Financial terms and additional details of the transaction have not been revealed.
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This move is anticipated to strengthen Ryan Specialty’s presence in the builder’s risk insurance market.
US Assure, which was established in 1977, is a Jacksonville-headquartered company with strong presence in the small to middle market segment of the builder’s risk insurance sector.
It has a diverse portfolio across the US and maintains relationships with more than 20,000 active agents.
A key feature of US Assure is its proprietary technology platform, which streamlines access for insurance brokers and accelerates the underwriting and policy issuance process.
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By GlobalDataUS Assure is also known for issuing admitted market insurance coverage on behalf of Zurich American Insurance Company.
Post-acquisition, US Assure will be integrated into the Underwriting Managers Specialty division of Ryan Specialty.
Despite the change in ownership, US Assure will retain its name.
Zurich will continue to serve as the builder’s risk carrier, maintaining the existing programme capacity and underwriting guidelines.
Furthermore, Ryan Specialty will secure a mutually exclusive underwriting agreement with Zurich for admitted course of construction projects.
Completion of the acquisition, expected by the third quarter of this year, is now subject to the satisfaction of customary closing conditions.
Dowling Hales acted as the exclusive financial advisor to US Assure, while Ardea Partners fulfilled the same role for Ryan Specialty.
Ryan Specialty Underwriting Managers (RSUM) president and CEO Miles Wuller said: “The underwriting talent and proprietary technology that US Assure has developed is second to none. As a best-in-class programme with scale and sophistication in the builder’s risk SME [small and medium-sized enterprises] segment, particularly for residential risks, US Assure will provide a strong foothold for RSUM in this space and further balance our product offerings.
“The US still faces a material shortfall in available housing units. We see long-term secular growth opportunities for residential construction, as well as renovation and small commercial projects, that will fuel an expanded need for builder’s risk insurance.”
