Ryan Specialty to acquire US Assure
Ryan Specialty , an international specialty insurance intermediary, is acquiring US Assure , a program specializing in builder’s risk insurance.
Established in 1977, US Assure is a key player in the small to middle market builder’s risk insurance segment, with a broad portfolio and over 20,000 active agents nationwide. Its proprietary technology platform streamlines underwriting and policy issuance. US Assure provides admitted market coverage through Zurich American Insurance Company, rated “A+” by AM Best.
Zurich remains the builder’s risk carrier, maintaining program capacity and guidelines. Ryan Specialty will have an exclusive underwriting agreement with Zurich for admitted construction projects. Policies can still be quoted and issued on usassure.com, with the same team servicing accounts from Jacksonville, FL. Other liability and property products will continue to be offered.
The acquisition is expected to close during the third quarter of 2024, subject to customary closing conditions.
Dowling Hales served as exclusive financial advisor to US Assure. Ardea Partners served as exclusive financial advisor to Ryan Specialty.
“US Assure is one of our industry’s oldest and highest quality programs, and has developed an outstanding business in a difficult class. Specializing in builder’s risk, US Assure underwrites a diversified portfolio of residential, commercial, and remodeling projects in non-urban locations as well as large metropolitan areas. Ty Petway and his team have consistently produced profitable business on behalf of their carrier trading partner. We look forward to including US Assure in the Ryan Specialty family.” – Patrick G. Ryan, Founder, Chairman and CEO of Ryan Specialty.
“The underwriting talent and the proprietary technology that US Assure has developed is second to none. As a best-in-class program with scale and sophistication in the builder’s risk SME segment, particularly for residential risks, US Assure will provide a strong foothold for RSUM in this space and further balance our product offerings. The United States 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. CEO Ty Petway, President Alan Ferguson, CFO Selena Breedlove and their team are the perfect fit for Ryan Specialty to enter this crucial segment.” – Miles Wuller, President and CEO of Ryan Specialty Underwriting Managers.
“Having been an independent program for over 47 years, choosing the right partner was paramount for us. Ryan Specialty, with its very talented team and trading partner-centric, employee-centric culture is the right fit for US Assure. Ryan Specialty’s values and emphasis on profitable underwriting align with the US Assure way. Being a part of the RSUM platform, with its extensive distribution relationships and technical expertise, will enable our team to continue to grow and expand. We are very much looking forward to being a part of the Ryan Specialty family.” – Ty Petway, CEO of US Assure.
