Ryan Specialty said it has signed a definite agreement to buy national wholesale broker Socius Insurance Services from Abry Partners, employees, and other shareholders.
Socius will become a part of RT Specialty, Ryan Specialty’s wholesale distribution specialty.
Terms of the transaction, expected to close in July, were not disclosed.
Socius generated approximately $40 million of revenue for the 12 months ended April 30, 2023. The Northern California-based wholesaler has deep expertise in complex lines of business such as management, professional and cyber liability, as well as property and casualty insurance. Socius also has significant concentrations of top tier local talent in key hubs such as San Francisco, Miami, and Tampa which will provide complementary scale and distribution capabilities to RT Specialty, Chicago’s Ryan Specialty said.
“We look forward to joining the Ryan Specialty family and know that this is the right fit for the teammates of Socius,” said Patrick Hanley, co-founder, president, and CEO of Socius. “From the beginning of our firm, we have been committed to doing things ‘the right way’ – winning our clients’ trust through expertise and dedication. Moreover, we have created an exciting, rewarding, and collaborative work environment for our employees to maximize their potential. We believe that Ryan Specialty embraces these same values and culture. By joining forces with RT Specialty, we are positioning our professionals with a platform that will further accelerate their growth.”
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