AM Best Assigns Performance Assessment to Ryan Specialty Underwriting Managers and Affiliates
AM Best has assigned a Performance Assessment of PA-1 (Exceptional) to a group of nine affiliates of Ryan Specialty Underwriting Managers (RSUM) (Chicago, IL). (See below for a detailed list of affiliate companies.) The outlook assigned to the Performance Assessments (assessment) is stable. At the same time, AM Best has upgraded the assessments to PA-1 (Exceptional) from PA-2 (Excellent) of Ryan Specialty Underwriting Managers International Limited (RSUMI) (United Kingdom) and its subsidiary, Ryan Specialty Netherlands B.V. (RSN) (Netherlands). The outlook of these two assessments has been revised to stable from positive. The upgrades reflect RSUMI's and RSN's integration within RSUM across underwriting practices, governance framework, branding, financial performance, strategic alignment and operations, following their acquisition in May 2024. All the above 11 affiliate companies are now assessed by AM Best on a consolidated basis under RSUM.
The assessment reflects RSUM's exceptional underwriting capabilities, exceptional governance and internal controls, excellent financial condition, exceptional organizational talent and exceptional depth and breadth of relationships.
In AM Best's view, the 11 affiliated companies, which include more than 35 MGUs, operate within a unified governance and systems framework and are considered strategically and financially integral to RSUM's ability to deliver specialty insurance products in the United States and internationally.
AM Best considers RSUM's underwriting performance to be exceptional. The delegated underwriting authority enterprise (DUAE) entities within RSUM operate one of the largest underwriting platforms in the specialty insurance market, underwriting more than 250 specialized insurance products across a broad spectrum of risk classes and geographies. Niche expertise within the MGUs is supported by centralized underwriting, actuarial and catastrophe modeling teams, enabling RSUM to effectively serve complex and underserved market segments at scale. The organization benefits from robust capital access, an extensive broker network and no channel conflict with retail brokers. RSUM's investment in technology and infrastructure further enhances operational efficiency and underwriting effectiveness.
RSUM's exceptional governance and internal controls promote underwriting discipline, transparency, regulatory and contractual compliance and sustained profitability. The organization aligns incentives based on profitable underwriting performance through contingent commissions and performance-based compensation. Through Geneva Re, a strategic joint venture with Nationwide Mutual Insurance Company, Ryan Specialty Holdings, Inc. (Ryan Specialty) (NYSE:RYAN), the ultimate parent of RSUM, co-invested in reinsuring the risks its MGUs underwrite to establish ongoing strategic risk participation in its underwriting results, strengthening carrier alignment and bolstering the long-term sustainability of its programs. RSUM executes a disciplined mergers and acquisition strategy and rigorously evaluates potential acquisition targets that are a cultural fit, strategic and accretive. Utilizing a standardized integration framework, RSUM effectively integrates acquired entities into its established governance, corporate oversight, compliance and operational structures.
RSUM's excellent financial condition is supported by a balanced growth strategy with consistently strong profitability underpinned by robust organic growth and the integration of strategic acquisitions that enhance scale, capabilities, product offerings and geographic reach. Ryan Specialty is publicly traded, which enhances access to capital and ensures greater scrutiny through market and regulatory oversight. Ryan Specialty strategically utilizes external debt along with cash from operations to fund its acquisition-led expansion, while maintaining leverage ratios within target ranges and generating strong operating cash flows that support its debt servicing obligations and ongoing investment in growth initiatives. Ryan Specialty has established a strong track record of acquisition execution and integration, as evidenced by the organization's successful incorporation of more than 60 acquisitions since its inception.
RSUM's exceptional organizational talent is supported by a seasoned senior leadership team with extensive industry knowledge and specialized underwriting talent embedded across individual MGUs. The organization offers employee equity opportunities and training and development programs designed to foster long-term talent retention across all levels. Strategic acquisitions have been instrumental in strengthening RSUM's human capital, substantially expanding the organization's talent pool and expertise across specialized product lines and geographic markets. Merger and acquisition execution and integration are deeply ingrained in RSUM's culture, supported by an executive team and board with significant experience in overseeing value-accretive transactions.
RSUM's exceptional relationship network positions the organization as a valued underwriting trading partner. RSUM leverages a broad network of more than 30,000 wholesale and retail broker companies, supporting high-volume deal flow across markets. RSUM's diverse mix of specialty products effectively meets a wide range of broker and client needs, as the organization expands its footprint domestically and internationally. RSUM maintains long-term relationships with its top capacity providers, ensuring sustained underwriting capacity, program continuity and market stability.
The following RSUM affiliates have been assigned a Performance Assessment of PA-1 (Exceptional) with a stable outlook:
- RSG Underwriting Managers, LLC
- RSG Specialty, LLC
- Ryan Re Underwriting Managers, LLC
- Ryan Specialty International Limited
- Ryan Specialty Nordics AB
- Freberg Environmental, LLC
- US Assure Insurance Services of Florida, LLC
- Ryan Specialty Europe GmbH
- Velocity Risk Underwriters
The following RSUM affiliates Performance Assessments have been upgraded to PA-1 from PA-2 and the outlooks have been revised to stable from positive:
- Ryan Specialty Underwriting Managers International Limited (RSUMI)
- Ryan Specialty Netherlands B.V. (RSN)
This press release relates to Performance Assessments that have been published on AM Best's website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best's website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best's Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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