Ryan Specialty Acquires California-based Wholesale Broker | Insurance Business America
The deal is expected to close in July 2023
Mergers & Acquisitions
By Mika Pangilinan
Ryan Specialty has signed a definitive agreement to acquire Socius Insurance Services, a national wholesale insurance brokerage based in Northern California, from Abry Partners, employees and other shareholders.
The deal is scheduled to close in July 2023 and Socius will become part of RT Specialty, Ryan Specialty’s wholesale distribution specialty. The terms of the transaction were not disclosed.
Founded in 1997, Socius has extensive expertise in managing complex lines of business including professional liability, cyber liability and property and casualty insurance. The company also has a significant concentration of highly skilled professionals in key hubs such as San Francisco, Miami and Tampa, which will help expand RT Specialty’s scale and distribution capabilities.
Tim Turner, President of Ryan Specialty and Chairman and CEO of RT Specialty, expressed his excitement about the acquisition and the quality of the Socius team.
“We have known her for many years and admire her professional approach to business, technical acumen and phenomenal execution,” said Turner. “We look forward to welcoming these talented individuals and offering them even more opportunities as they become part of the RT Specialty platform.”
Meanwhile, Patrick Hanley, Socius Co-Founder, President and CEO expressed confidence in joining the Ryan Specialty family and reiterated that the move was the right decision for his team.
“Since the founding of our company, we have been committed to doing things ‘the right way’ – earning the trust of our customers through expertise and dedication,” said Hanley.
“Furthermore, we have created an exciting, rewarding and collaborative work environment for our employees to maximize their potential. We believe Ryan Specialty shares the same values and culture. By working with RT Specialty, we are providing our professionals with a platform that will continue to accelerate their growth.”
Also recognizing Socius’ growth over the year, Nathan Ott, Partner at Abry Partners, noted that the company has consistently exceeded expectations.
“By working with Ryan Specialty, we are confident that Socius is ready to take it to the next level of growth. We wish the Socius team continued success,” said Ott.
Last month, Ryan Specialty announced the promotions of Brenda Austenfeld and Chris Houska to key leadership roles in their respective RT Specialty practices. Austenfeld has been appointed President and CEO of RT Specialty’s national property insurance practice, while Houska has assumed the position of President of the national casualty insurance practice.
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