Ryan Specialty, an insurance services company, has announced the completion of its acquisition of Innovisk Capital Partners from Abry Partners and BHMS Investments.
This move integrates Innovisk into RSUM, the company’s underwriting management segment.
In October 2024, Ryan was in final discussions with regard to the acquisition.
Innovisk, established in 2017, has headquarters in the UK and operates from offices in the US and India.
The company’s seven specialty managing general underwriter business lines encompass commercial auto liability, environmental, professional liability for lawyers, transactional liability, UK professional indemnity and property & casualty (P&C) and US and international financial lines.
For the 12 months ending 31 July 2024, the company reported operating revenue of approximately $58m.
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By GlobalDataThe financial advisory role for Innovisk was handled by Ardea Partners, while Insurance Advisory Partners advised Ryan Specialty.
Legal counsel for Abry, BHMS and Innovisk was provided by Kirkland & Ellis and Hill Dickinson.
Ryan Specialty CEO Tim Turner said: “We have tremendous respect for Innovisk. Their outstanding management team has demonstrated a differentiated value proposition to brokers, agents and carriers, and their underwriting talent is among the best in the industry.
“At Ryan Specialty, we see new product innovation and diversification as essential components of the value that we bring to our clients and trading partners. Innovisk clearly shares this view and has made the critical investments to be able to not only launch new products but bring those products to market quickly.”
Innovisk CEO David Thomas said: “With the shared mission to innovate where there is need and service clients and trading partners at the highest level, the addition of our team to RSUM will be smooth and empowering for our teammates.”
This acquisition follows Ryan Specialty’s recent purchase in September this year of Ethos Specialty Insurance’s P&C managing general underwriters.