Specialty insurance provider Ryan Specialty reported it has completed the acquisition of Velocity Risk Underwriters, LLC from funds managed by Oaktree Capital Management, L.P.
Based in Nashville, Tennessee, Velocity is a managing general underwriter (MGU) providing first-party insurance coverage for catastrophe exposed properties.
The move expands Ryan’s wholesale client services, according to Miles Wuller, CEO of Ryan Specialty Underwriting Managers. Velocity will become a part of the Ryan Specialty Underwriting Managers division of Ryan Specialty.
The purchase price included $525 million in cash. The acquisition was previously reported last month.
Publicly traded Ryan Specialty is headquartered in Chicago with operations in the U.S. and Europe. The firm undertook a number of acquisitions in 2024. One of those came in May when the firm announced that it had acquired London-based Paradiso Risks as part of its acquisition of Castel Underwriting Agencies.
In a related transaction subject to regulatory approval, Velocity’s excess and surplus (E&S) carrier, Velocity Specialty Insurance Co. (VSIC), will be acquired by Rhode Island-based global commercial property insurance company FM. The deal will allow FM to expand into E&S property insurance, stated Malcolm Roberts, chairman and chief executive officer of FM.
With the increasing frequency and severity of secondary perils and other emerging risks, FM said businesses are seeking E&S coverage for risks that traditional insurance is less likely to cover.
Topics Excess Surplus Underwriting
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