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Member, Beacon International Group, Ltd.
A dispute involving a Ryan Specialty Group L.L.C. unit over a representation and warranty insurance policy in connection with the acquisition of an air ambulance business has been resolved, Ryan Specialty said in a statement Friday.
New York-based Concord Specialty Risk, a unit of RSG Underwriting Managers L.L.C., which is a subsidiary of Ryan Specialty, has “amicably resolved” a claim made by Scottsdale, Arizona-based Aviation Charters L.L.C., Ryan Specialty said in a statement.
The claim was related to a reps and warranty policy Concord had issued in connection with Vistria Group L.P.’s acquisition of Aviation West. Chicago-based Vistria is a private equity firm. The insurance covers misrepresentations and other contract breaches in mergers and acquisitions, among other things.
“The parties have resolved the dispute amicably and professionally,” said Dave S. De Berry, Concord Specialty Risk chief executive officer, who would make no further comment.
The claim is apparently in connection with litigation over a June 2014 acquisition, which led to a July 2015 ruling by the Delaware Superior Court that partially granted a motion to dismiss the case, in Aviation West Charters L.L.C. v. Jeremy Freeer, et al.
The litigation concerned charges that because of misleading financial information, the plaintiff had paid “substantially more for the assets than they otherwise would have paid.”