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Ryan Specialty buys rival wholesale brokerage

Ryan Specialty buys rival wholesale brokerage

R-T Specialty L.L.C., the wholesale brokerage unit of Ryan Specialty Group L.L.C., has acquired specialty wholesaler A.J. Renner & Associates from USI Holdings Corp.

Chicago-based A.J. Renner was founded in 1985 as an excess and surplus lines brokerage specializing life science, pharmaceutical and other health care related companies, according to an R-T Specialty statement released Wednesday.

Following the close of the transaction, the core of the A.J. Renner life science team will join Chicago-based R-T Specialty, the statement said.

Terms of the transaction were not disclosed.

According to Business Insurance's latest directory of insurance wholesalers, A.J. Renner reported gross revenues of $4.3 million in 2014, off 17.7% from 2013.

“This transaction advances our strategy in the life science field in a meaningful way,” R-T Specialty President and CEO Timothy W. Turner said in the statement

Ryan Specialty Group ranked third among top property/casualty wholesalers, according to the latest Business Insurance ranking. The brokerage reported $352 million in 2014 gross revenues, up 15.6% from 2013.