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Ryan Specialty Group L.L.C. said Monday that it had agreed to buy part of wholesale brokerage ARC Excess & Surplus L.L.C. and take on construction specialist Mike Vollaro.
Terms of the deal were not disclosed but Chicago-based RSG said in a statement it will buy certain assets of ARC Specialty Brokerage L.L.C., Jericho, New York-based ARC’s property/casualty division.
Led by Mr. Vollaro, five other ARC staff will join RSG’s wholesale brokerage, R-T Specialty L.L.C. in Melville, New York.
“The expertise of Mike and his team will complement and strengthen RT’s prominent position in New York and specifically N.Y. construction,” Tim Turner, RT Specialty’s chairman and CEO said in a statement.
ARC Specialty will continue to operate as a wholesaler and maintain its managing general underwriter, Professionals Risk Facilities Inc., the statement said.