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Ryan Specialty Group LLC said Monday it has expanded its joint venture with Columbus, Ohio-based insurer Nationwide Mutual Insurance Co. to support alternative risk transfer needs, including captive insurers.
Under the expanded arrangement, Ryan Specialty will have limited exclusive access to insurance capacity on paper provided by Harleysville Insurance Co. of New York to support alternative risk placements. Harleysville is a unit of Nationwide.
Capital will be provided either via traditional risk transfer through Ryan Specialty’s managing general underwriters or as an alternative risk placement with Keystone Risk Partners LLC which provides captive insurance and other risk services to agents and brokers. Ryan Specialty acquired Keystone last year.
“There are many risks within the specialty insurance market that are not being serviced fully, where conventional insurance isn’t totally addressing the needs of the client,” Patrick G. Ryan, founder, chairman and CEO of Ryan Specialty, said in a statement.
Ryan Specialty and Nationwide in 2019 set up Bermuda-based reinsurer Geneva Re Ltd. via a 50/50 joint venture.
Ryan Specialty Group Holdings Inc. reported a 49% increase in third-quarter revenue to $352.8 million, driven by strong organic growth and the acquisition of All Risks Ltd.