Ryan Specialty acquires premium financing company

Ryan Specialty Group LLC on Monday said it has acquired the assets and operations of premium financing firm Superior Payment Plan LLC.

Terms of the transaction were not disclosed.

The operations of Depew, New York-Superior will become part of Ryan Specialty’s Stetson Insurance Funding LLC subsidiary, Chicago-based Ryan Specialty said in a statement. According to its website, Stetson specializes in financing commercial insurance premiums for the excess and surplus insurance lines industry.

“Premium finance is a natural extension of the services that we offer our broker and agent clients,” said Ryan Specialty Chairman and CEO Patrick G. Ryan in the statement.