Chicago-based Ryan Specialty Group said its subsidiary RSG Underwriting Managers is acquiring WKFC Underwriting Managers in New York. Terms of the transaction were not disclosed.
Ryan Specialty Group is a global holding company which includes a group of highly-specialized underwriting companies, a Lloyd’s insurer and other specialty services designed for agents, brokers and insurers. Its chairman and CEO is Patrick G. Ryan, the founder and retired chairman and CEO of Aon Corporation.
WKFC is a managing general agency in the excess and surplus lines arena. Its business is comprised of property risks, general liability and specialty lines such as windstorm and earthquake deductible buybacks, equipment breakdown, inland marine, professional liability, weather, special events programs.
Founded in 1994, WKFC is based on Long Island, N.Y. Over 90 percent of its business is written through a network of 150 wholesalers located throughout the country.
“WKFC is one of the first MGAs in this industry to go paperless and provide clients with prompt, reliable service throughout the life of the policy term,” Ryan said. “Our mission at Ryan Specialty Group is to create and deliver value-added products and services to the insurance marketplace. The acquisition of WKFC will be consistent with that mission.”