Ryan Specialty Group LLC (RSG) has reached a definitive agreement to acquire the assets and operations of New Day Underwriting Managers LLC (New Day), a specialty intermediary with offices in Hamilton, N.J.
New Day will become part of R-T Specialty LLC (RT Specialty), the wholesale brokerage unit of RSG. Terms of the transaction were not disclosed.
RT Specialty is a Delaware limited liability company based in Illinois.
New Day was founded in 2005 by CEO Jefferey S. Lejfer and is a specialist in environmental liability and construction-related professional liability insurance. Following the acquisition, Lejfer will continue leading the New Day team as it combines into RT Specialty.
Jeff Slivka, president of New Day Underwriting Managers, will lead its environmental and construction professional liability practice group following the acquisition.
The acquisition is an opportunity for New Day to maintain its focus on environmental and construction-related professional liability and to leverage the resources of a larger organization, Slivka said in a press release.
For RT Specialty, the addition of New Day will further strengthen its environmental, construction and real estate offerings, added RT Specialty Chairman and CEO Timothy W. Turner in the release.
Founded in 2010, RSG is an international specialty insurance organization which includes a wholesale brokerage firm and managing general underwriting companies designed specifically for brokers, agents and insurers.
Source: Ryan Specialty Group LLC
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