Ryan Specialty acquires underwriting manager Global Special Risks from Willis

CHICAGO—Ryan Specialty Group L.L.C. has acquired Global Special Risks L.L.C., a specialty underwriting manager, from Willis Group Holdings P.L.C.’s Willis North America unit, Ryan Specialty announced Thursday.

In a statement announcing the purchase, Ryan Specialty said its new acquisition, which was founded in 1979, “specializes in providing innovative solutions for energy, marine and specialty product offerings with the London and North American markets.”

The unit will become part of RSG Underwriting Managers L.L.C.

“We are thrilled with the acquisition of Global Special Risks,” said Ryan Specialty Chairman and CEO Patrick J. Ryan in the statement. “GSR has a long tradition of innovation in the energy and marine areas. It brings a unique perspective to our specialty insurance offerings, providing our clients with an efficient underwriting platform and product distribution network of high-quality front-end services for energy and marine clients.”

“We believe that joining GSR with the specialty underwriting companies of RSG is a good move for its team and energy clients,” said Willis Chairman and CEO Joe Plumeri in the statement.

Terms of the transaction were not disclosed.