Ryan Specialty Group, LLC (RSG), on behalf of R-T Specialty, LLC (RT), announced today that it has reached a definitive agreement to merge with Westrope, the 7th largest wholesale broker in the U.S. Formed by Kevin Westrope in 1992, Westrope has a national presence with concentrations in the Midwest, Southeast and Southwest. Its long standing strength in property and casualty is complemented by workers' compensation, professional liability, transportation, agri-business and life science expertise. It also offers commercial binding authority through two divisions, WGA and WIMFL.Patrick G. Ryan, Chairman and CEO of RSG says, "This landmark transaction combines the strength of two major forces in the wholesale industry. Westrope enhances RT's presence in important geographies and products, as well as expands its binding authority capabilities. This move substantially strengthens our management team, our intellectual capital and our ability to execute on behalf of our clients. We are delighted to partner with this impressive group, and look forward to many years of success together."
RT President and CEO, Timothy W. Turner, adds, "Westrope's national presence and strong retail and market relationships complement and enhance RT's existing capabilities. With Kevin Westrope and his team of talented brokers and support personnel joining RT, together we will provide best in class service to our customers and carriers."
Kevin Westrope, President and CEO, says, "We look forward to partnering with RT, the fastest growing wholesale brokerage in the country. Our sales culture, producer development expertise and commitment to client service can be leveraged by the combined firm to provide a win-win for clients and carriers everywhere."
The transaction close is subject to normal approvals. Terms of the transaction were not disclosed. Macquarie Capital acted as financial advisor to Westrope.
About Ryan Specialty Group, LLC and R-T Specialty, LLC
Ryan Specialty Group, LLC is a global holding company which includes wholesale broker R-T Specialty, LLC, a select group of highly-specialized underwriting companies, a Lloyd's insurer and other specialty services designed specifically for agents, brokers and insurers. www.ryansg.com and www.rtspecialty.com
About Westrope
Westrope is an independent, privately-owned wholesale broker, ranking 7th in Business Insurance's Top 10 Wholesale Brokers in the U.S. Formed in 1992 by Kevin Westrope, the company is headquartered in Kansas City and has a national presence concentrated in the Midwest, Southwest and Southeast. www.westrope.com