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R-T Specialty Buys Wells Fargo E&S Unit

Posted on 08 Feb 2011

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On Monday, the wholesale brokerage unit of Ryan Specialty Group LLC reported it's purchasing the wholesale insurance business of American E&S Insurance Brokers from a subsidiary of Wells Fargo & Co. for an undisclosed sum.

R-T Specialty LLC will acquire all of the operating assets and liabilities, including offices in San Francisco, Fresno, Calif., Irvine, Calif., New York, Denver, Atlanta, Nashville, Tenn., and Seattle. The company plans to hire nearly all of the employees in those locations.

Wells Fargo Insurance Services said the deal allows it to focus on its retail operations and other niche businesses.