Ryan Specialty Group LLC (RSG) announced it has reached a definitive agreement to acquire London-based Lodestar Marine Ltd., an MGA in the protection & indemnity (P&I) fixed premium marine market, from Tawa Associates Ltd.*
Lodestar’s operations will become part of RSG Underwriting Managers (RSGUM), the managing general underwriting division of Chicago-based Ryan Specialty Group.
Terms of the transaction were not disclosed.
Lodestar is a leader in the “non-International Group” P&I market and is one of the few providers to offer limits of liability up to $1 Billion, said RSG in a statement.
Led by RSA Insurance Group PLC in the primary (up to $500 Million), it offers owners,’ charterers’ and operators’ P&I and additional covers for vessels up to 40,000 gross tonnage worldwide.
Charles Dymoke and John Hearn, co-founders of Lodestar, join RSG as executive directors of Lodestar and will continue to lead Lodestar going forward.
“Lodestar’s commitment to innovation and service to understand, guide and protect their clients aligns well with RSG’s values and approach to business,” commented Mike Rice, chairman and CEO of RSG Underwriting Managers. “Charles and John have a wealth of underwriting experience, and their global reach significantly expands RSG’s marine offerings. We are very pleased to have Lodestar as a part of the RSG family.”
“We are extremely excited to be joining Ryan Specialty Group. RSG is prominent for their innovative approach and focus on underwriting results, and we look forward to increasing our geographic presence and product offering,” said Dymoke and Hearn in a joint statement. “We feel the transaction is a perfect step in Lodestar’s course of optimally serving our clients.”
Jorge Pecci, Marine Practice head at RSG, stated: “Lodestar will strengthen our marine practice, and provides a solid foundation for further expansion into other marine lines with physical presence and access to the London market and a unique distribution network.”
TigerRisk Capital Markets & Advisory served as financial adviser to the seller, Tawa Associates Ltd.
* Tawa Associates Ltd. (TAL) is the spin-off company created on the back of Tawa plc, a group formed in 2001 by former members of the insurance restructuring team of PwC with the purpose of acquiring or developing assets and business in the insurance industry, said a statement on TAL’s website. TAL is a subsidiary of Paris-based Financière Pinault SCA, which manages the run-off of non-life insurance companies.
Source: Ryan Specialty Group
Was this article valuable?
Here are more articles you may enjoy.