Ryan Specialty Group to buy Virginia wholesaler

Ryan Specialty Group LLC on Tuesday said it has agreed to acquire Atlantic Specialty Lines Inc., a privately owned wholesale insurance brokerage headquartered in Richmond, Virginia.

Terms of the transaction were not disclosed.

The Atlantic team will become part of R-T Specialty, LLC (RT Specialty), the wholesale brokerage unit of Ryan Specialty Group, and will expand RT Specialty’s footprint in the Mid-Atlantic and Southeast regions, Chicago-based Ryan Specialty said in a statement.

Atlantic has locations in Illinois, Florida, Louisiana, New York, Pennsylvania and Texas, the statement said.

Atlantic Specialty Lines was founded in 1996 and focuses on the general liability, commercial property, commercial package, professional liability, and personal lines markets, the statement said.

Ryan Specialty is the third-largest property/casualty wholesale brokerage, according to Business Insurance’s latest ranking.