Chicago-based insurance holding company Ryan Specialty Group, LLC (RSG) has agreed to acquire specialist Lloyd’s insurer Jubilee Group Holdings Limited.
Jubilee Group Holdings owns Jubilee Managing Agency Limited and the distribution and administration businesses Lutine Assurance Services Ltd., Jubilee Service Solutions Limited and Amsterdam-based Jubilee Europe BV.
Under the transaction, RSG does not intend to acquire the existing corporate members for the three Jubilee Syndicates 779, 5820 and 1231.
The sale is subject to Lloyd’s and FSA approval.
Patrick G. Ryan, chairman and CEO of RSG, called Jubilee a strategically important acquisition for RSG. “It provides us with direct access to the Lloyd’s market and represents a key cornerstone of our strategy to provide specialty expertise and commitment to insurance underwriters, brokers and agents across a single, unique platform,” said Ryan, the founder and retired chairman of Aon Corp. who launched RSG in 2009. RSG includes a wholesale brokerage (R-T Specialty) and specialty underwriters for media, technical and public entity risks.
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