Bermuda-based Aspen Insurance Holdings Ltd. announced it has entered into agreement with Ryan Specialty Group to support a diverse international portfolio of delegated underwriting authority business.
With effect from Jan. 1, 2022, Aspen has joined an additional seven programs from Ryan Specialty Underwriting Managers’ MGU portfolio. This arrangement harnesses the full scope of Aspen’s capabilities in insurance, reinsurance and capital markets, said Aspen in a statement.
As part of the deal, Aspen will provide capacity across multiple platforms and geographies, with four programs in the U.S. and three programs in Europe.
“This expanded trading partnership showcases Aspen’s comprehensive capabilities, combining insurance, reinsurance and capital markets to deliver an innovative, risk transfer solution. We are grateful to the Ryan Specialty team for their trust and confidence and for the opportunity to bring this creative solution to bare, and in doing so further build on our strong trading relationship,” commented Mark Cloutier, executive chairman and group chief executive officer, Aspen.
“We believe that this agreement is a blueprint for creative capital deployment, exemplifying our purpose to bring ‘clarity from complexity,'” he added.
“We’re excited about our substantially broadened delegated authority relationship with Aspen. Moreover, we are appreciative of their confidence in our underwriting capabilities and of their commitment to progressive solutions,” according to Pat Ryan, founder, chairman & CEO, Ryan Specialty.
Bruce Eisler, CEO US, and chief underwriting officer, Aspen Insurance, commented: “In conjunction with Ryan Specialty, we contemplated the existing structure of each binder and had to develop a creative solution relative to capital deployment through our U.S./UK companies and Lloyd’s Syndicate 4711 to bring this to fruition. The trading partnership is a great testament to our technical underwriting capabilities and strong collaboration across our global platforms and products.”
“We greatly appreciate Aspen’s innovation bringing coordinated insurance capital to support our $2.0 billion international underwriting managers business and its objectives. We now benefit from their syndicated support across nine of our MGUs. We thank the Aspen team for their trust of our delegated underwriting stewardship,” said Miles Wuller, president and CEO of RSG Underwriting Managers.
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States.
Source: Aspen Insurance Holdings
Topics Insurance Wholesale
Was this article valuable?
Here are more articles you may enjoy.