Insurer Ryan Specialty strikes up to $1.48 bln deal for US Assure

Ryan Specialty Holdings

01/08/2024 23:52

Aug 1 (Reuters) - 
    Insurer Ryan Specialty  RYAN.N  said on Thursday it has
agreed to buy specialized builder's risk insurance firm US
Assure Insurance Services of Florida.
  
    The deal includes a cash payment of about $1.08 billion and
an additional $400 million component contingent on certain
financial performance targets achieved during a three-year
period, following the acquisition. 
    Specialized builder's risk insurance, also known as course
of construction insurance, is a type of insurance that helps
protect buildings under construction.
    "Specializing in builder's risk, US Assure underwrites a
diversified portfolio of residential, commercial, and remodeling
projects in non-urban locations as well as large metropolitan
areas," CEO Patrick Ryan said in a statement. 
    Founded in 1977, US Assure operates in the small to middle
market segment of the builder’s risk insurance market with a
diversified portfolio throughout the United States and
relationships with over 20,000 active agents, the company said.
    

 (Reporting by Manya Saini in Bengaluru; Editing by Mohammed
Safi Shamsi)
 ((Manya.Saini@thomsonreuters.com; X: manya__saini;))