Ryan Specialty Group has acquired Global Special Risks, a provider of product offerings for the energy and marine markets in London and North America.
Global Special Risks (GSR) is a specialty underwriting manager from Willis North America, a part of Willis Group Holdings.
Joe Plumeri, chairman and CEO of Willis, says in a statement that joining GSR with RSG “is a good move for its team and energy clients.”
Terms of the deal were not disclosed. Ryan Specialty says GSR will become a part of RSG Underwriting Managers.
Patrick G, Ryan, chairman and CEO RSG, says the purchase of GSR “brings a unique perspective to our specialty insurance offerings, providing our clients with an efficient underwriting platform and product distribution network of high-quality, front-end services for energy and marine clients.”
GSR, formed in 1979, offers products such as well control, comprehensive general liability, excess liability, contractor’s equipment, professional liability, business interruption, cargo and maritime employer’s liability, among others.
In September last year RSG entered the Lloyd’s market with the completion of it buy of Jubilee Group Holdings Ltd., a managing agency and specialist underwriting distribution and insurance service businesses.