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Ryan Specialty Group LLC on Thursday said it has agreed to acquire West Chester, Pennsylvania-based The Suitelife, a program manager specializing in boutique and full-service hotels and resorts, from Venture Insurance Programs.
Terms of the transaction were not disclosed.
The Suitelife will become part of RSG Underwriting Managers LLC, the managing general underwriting unit of Ryan Specialty Group, the Chicago-based brokerage said in a statement.
Some 14 staff will be joining Ryan Specialty as part of the acquisition, including John Welty, practice leader, executive vice presidents Joe Dolce and Jim Shaffer, and the rest of the underwriting team, a Ryan Specialty spokeswoman said.
Founded in 2010, The SuiteLife offers package, liability, property, umbrella, auto and workers compensation coverages to hotels, resort properties and private resort communities, the statement said.
Distributed via independent agents and brokers, its services include underwriting, design, administration and marketing, Ryan Specialty said.
The company has exclusive underwriting authority with several insurers including Zurich Insurance Group Ltd., Allianz SE and others, the statement said.
Ryan Specialty is the third-largest property/casualty wholesale brokerage, according to Business Insurance’s latest ranking.
Chicago-based Ryan Specialty Group LLC on Monday said it will open an office in Barcelona and has hired four former AmTrust Group executives as it looks to expand its transactional risk business in Europe.