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Member, Beacon International Group, Ltd.
Ryan Specialty Group L.L.C. has created a London-based managing general agent to write directors and officers liability insurance, the Chicago-based wholesale broker announced Wednesday.
The MGA, a subsidiary of Ryan Specialty Group's recently formed unit Ryan Specialty Group Underwriting Managers (Europe), will be headed by Mark Peeters, who was most recently CEO of Malta-based ArgoGlobal S.E.
Mr. Peeters will join the unit Nov. 15, according to the statement.
The MGA, which has not yet been named, will write excess layers for Fortune 1000 companies and primary cover for both smaller public companies and privately held companies, according to the statement.
The MGA's capacity and insurance providers have not been determined, though Mr. Peeters said in an interview that he is talking with several potential capacity providers and will have the limits “nailed down” next week.
The MGA will not have a minimum attachment point, Mr. Peeters said.
R-T Specialty L.L.C., the wholesale brokerage unit of Ryan Specialty Group L.L.C., has acquired the assets of excess and surplus lines broker Tennessee Underwriters Inc.