The company primarily focuses on serving middle-market and small to medium-sized commercial businesses. Credit: Shutterstock.

Ryan Specialty, an international specialist insurance company, has concluded a deal to buy Velocity Risk Underwriters from funds managed by Oaktree Capital Management.

Velocity is a managing general underwriter that offers first-party insurance coverage for properties at risk of catastrophes.

The Nashville, Tennessee, US-headquartered company will join the Ryan Specialty Underwriting Managers division within Ryan Specialty.

The acquisition was first announced on 7 January 2025.

Established in 2015, Velocity specialises in US property catastrophe risks, offering coverage that is often difficult to obtain for perils such as named storms, earthquakes, tornadoes and hail.

The company primarily focuses on serving middle-market and small to medium-sized commercial businesses.

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Velocity has a national presence, with a notably strong foothold in Florida, Texas and the south-eastern US.

As part of the deal, Velocity Specialty Insurance Company, a unit of Velocity, was acquired by FM.

FM is a mutual insurance company that focuses on commercial property, serving many large organisations worldwide, including one in every four Fortune 500 companies.

Set up in 2010, Ryan Specialty offers specialised products and solutions for insurance brokers, agents and carriers.

The company provides distribution, underwriting, product development, administration and risk management services, acting as both a wholesale broker and a managing underwriter with delegated authority from insurance carriers.