Posted on 03 Oct 2012 by Neilson
R-T Specialty LLC has acquired the assets and operations of Atlantic Star Intermediaries LLC, said R-T Specialty, the wholesale arm of Ryan Specialty Group LLC, in a statement. Terms were not disclosed.
Atlantic Star specializes in the wholesale brokerage placement of insurance for the construction and real estate industries, handling primary general liability, property, umbrella/excess liability and affiliated classes of business within these disciplines.
Atlantic Star also maintains binding authorities for monoline owners and contractors protective liability and for monoline railroad protective liability coverages.
“The acquisition of Atlantic Star enhances R-T’s construction and program capabilities, significantly expanding our presence in the New York region — one of the most complex construction marketplaces in the U.S.," R-T Specialty President and Chief Executive Officer Tim Turner said in a statement.
Last month, Ryan Specialty Group said it would acquire a U.K.-based insurance service provider, Direct Group, to strengthen its managing general agency and third-party administration business. Direct Group has been a partner to specialist Lloyd’s insurer Jubilee, part of the Ryan Specialty Group, for a number of years.
Ryan Specialty was founded by Patrick G. Ryan in February 2010 after he retired as chairman and CEO of Aon Corp. (NYSE: AON), the global insurance broker he also founded