Ryan Specialty agrees to buy Socius
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Specialty intermediary Ryan Specialty Holdings Inc. said late Tuesday it has agreed to buy rival Socius Insurance Services Inc., a Top 10 wholesale brokerage.
Terms of the deal, which is expected to close in July, were not disclosed. On completion of the transaction, Socius will be part of Ryan Specialty unit RT Specialty, according to a Ryan Specialty statement.
Walnut Creek, California-based Socius generated about $40 million in revenue for the 12 months ended April 30, the statement said. Its specialties include management liability, professional liability and cyber liability, as well as other property/casualty lines.
According to Business Insurance’s most recent ranking, Socius reported $382 million in premium volume in 2021, making it the ninth-largest wholesaler in the United States. Ryan Specialty is the second largest wholesaler.
