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Ryan Specialty to acquire P&I managing general agent

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Ryan Specialty Group L.L.C. said Tuesday it has reached a definitive agreement to acquire London-based Lodestar Marine Ltd., a managing general agent in the protection and indemnity fixed premium marine market.

Terms of the transaction were not disclosed, the Chicago-based wholesale brokerage said in a statement.

Charles Dymoke and John Hearn, Lodestar’s co-founders, will join Ryan Specialty as executive directors of Lodestar and will continue to lead Lodestar from London.

A company spokeswoman said management is discussing the right structure for the acquisition and nothing regarding possible staff reductions has been determined as of yet.

Lodestar’s operations will become part of RSG Underwriting Managers, the managing general underwriting division of Ryan Specialty Group.

Lodestar offers fixed premium for the P&I class on a nonclub basis with liability limits up to $1 billion, Ryan Specialty said. Led by RSA Insurance Group P.L.C. in the primary — up to $500 million — it offers owners, charterers and operators P&I and additional covers for vessels up to 40,000 gross tonnage worldwide, according to the statement.