Chicago-based R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, has agreed to purchase the wholesale insurance business of American E&S Insurance Brokers (AES) from Wells Fargo Insurance Services.
R-T Specialty said it will acquire substantially all of the operating assets and related liabilities of AES, including eight office locations: San Francisco, Fresno and Irvine, Calif., as well as New York, Denver, Atlanta, Nashville and Seattle.
R-T Specialty said it will also hire nearly all of the employees in those office locations.
Neal Aton, president and CEO of Wells Fargo Insurance Services, said the sale of its excess and surplus (E&S) insurance wholesaler allows the company to focus on its core retail operations and other niche businesses including Wells Fargo Special Risks, which offers customers underwriting and backroom support services.
Patrick G. Ryan, Ryan Specialty Group chairman and CEO, said the transaction will increase Ryan Specialty Group’s wholesale operation and reinforce RSG’s presence in metropolitan and other key locations.