Chicago-based national wholesale insurance broker R-T Specialty said it has agreed to merge with another wholesale broker Westrope, based in Kansas City, Missouri.
Westrope has a national presence with concentrations in the Midwest, Southeast and Southwest. Westrope generates premiums of more than $430 million, according to its website. In addition to its Kansas City headquarters, it operates offices in Overland Park, Atlanta, Dallas, Bedminster, N.J. and Jacksonville, Orlando and Brandon, Fla.
R-T Specialty has offices in about 17 states, with multiple offices in California, New York and Texas.
Terms of the transaction were not disclosed.
In addition to offering property/casualty, Westrope has workers’ compensation, professional liability, transportation, agri-business and life science markets as well. It also offers commercial binding authority through two divisions, WGA and WIMFL.
Kevin Westrope, president and CEO who founded the brokerage in 1992, is the current president of the National Association of Surplus Lines Offices (NAPSLO).
Patrick G. Ryan, chairman and CEO of Ryan Specialty Group (RSG), parent of R-T Specialty, said the transaction “enhances RT’s presence in important geographies and products, as well as expands its binding authority capabilities.”
The transaction close is subject to normal approvals. Macquarie Capital acted as financial advisor to Westrope.