RSG Underwriting Managers (RSGUM) has agreed to acquire the total assets and operations of Interstate Insurance Management Inc. (Interstate).
Interstate was represented in the transaction by Marsh, Berry & Company Inc. Terms of the agreement were not released.
Interstate is a transportation managing general agent founded in 1970 and led by President and CEO Jack Buchan. Headquartered in Johnstown, Penn., it serves the greater mid-Atlantic region and maintains underwriting authority with multiple transportation markets. In addition to transportation coverages, Interstate underwrites specialty property and casualty coverages through its regional retail distribution network.
The acquisition is expected to help Interstate expand its geographic presence and product set while giving its employees an opportunity for continued growth, according to Buchan in a press release issued by Ryan Specialty Group.
Ryan Specialty Group LLC is an international holding company consisting of a wholesale broker, R-T Specialty LLC, a series of underwriting managers, RSG Underwriting Managers LLC, and an insurance service provider, Ryan Direct Group Limited. Each services a client base of brokers, agents and insurance carriers.
RSGUM is the managing general underwriting division of RSG and consists of a series of specialty property and casualty managing general underwriters. It provides centralized governance, shared services and executive oversight to its specialty underwriting businesses.
Source: Ryan Specialty Group LLC
Topics Mergers & Acquisitions Excess Surplus Underwriting Insurance Wholesale Pennsylvania
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