Ryan Specialty, the Chicago-based international specialty insurance firm, announced it has completed the acquisition of Castel Underwriting Agencies from Arch Financial Holdings (UK) Ltd. and minority shareholders.
Headquartered in London, Castel is a managing general underwriting (MGU) platform with additional offices in the Netherlands, Belgium and Singapore.
Financial details of the deal, which was first announced in December 2023, were not disclosed.
“Castel brings new products and facilities that expand our offerings to our clients and trading partners,” commented Miles Wuller, president and CEO of Ryan Specialty Underwriting Managers, in a statement.
Effective immediately, the company also announced its “enhanced leadership team” for Ryan Specialty Underwriting Managers International:
- Mark Birrell, chairman and CEO (most recently CEO of Castel),
- Carin Verhagen, general counsel (in addition to her responsibilities as general counsel at Ryan Specialty International), and
- Roland Hill, chief operating officer (most recently CFO of Castel)
“This leadership team will help accelerate our de novo formations within this region. We are very much looking forward to working with this incredible team,” said Wuller.
Castel generated approximately £35 million (US$43.8 million) of operating revenue for the 12 months ended Nov. 30, 2023.
Founded in 2010, Ryan Specialty provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers.
Source: Ryan Specialty
Topics Mergers & Acquisitions Agencies Excess Surplus Underwriting
Was this article valuable?
Here are more articles you may enjoy.
NYC Mayor Eyes City-Run Insurance Program for Affordable Housing 
Viewpoint: Why Brokers Have Little to Fear and Everything to Gain From AI 
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
Business Interruption Claims Arising From the Middle East Conflict 
