Ryan Specialty buys brokerage

Ryan Specialty Group LLC said Monday it has agreed to acquire the assets and operations of wholesale insurance brokerage Westphalen Insurance Services Inc., establishing its presence in Oklahoma.

Terms of the transaction were not disclosed.

In a statement, Chicago-based Ryan Specialty Group said the Westphalen team, led by president Jeff Westphalen, will become part of its wholesale brokerage unit R-T Specialty LLC.

Founded in 1987, family-run Westphalen offers property/casualty, personal lines and transportation out of its Edmond, Oklahoma, office.

“The Oklahoma City market is one that we’ve been targeting and have been looking for the right broker; Westphalen is that broker,” Tim Turner, chairman and chief executive officer of R-T Specialty, said in the statement. “We couldn’t be happier to establish our presence with this team.”