Aspen in pact with Pat Ryan Specialty Group
Aspen Insurance Holdings Limited, the Bermudian-based re/insurer, has entered into agreement with Ryan Specialty Group to support a diverse international portfolio of delegated underwriting authority business.
With effect from January 1, Aspen said, it has joined an additional seven programmes from Ryan Specialty Underwriting Managers’ MGU portfolio.
The company said this unique arrangement harnesses the full scope of Aspen’s capabilities, in insurance, reinsurance and capital markets.
As part of this deal, Aspen will provide capacity across multiple platforms and geographies, with four programmes in the US and three programmes in Europe.
Mark Cloutier, executive chairman and group chief executive officer, Aspen, said: “This expanded trading partnership showcases Aspen’s comprehensive capabilities, combining insurance, reinsurance and capital markets to deliver an innovative, risk transfer solution.
“We are grateful to the Ryan Specialty team for their trust and confidence and for the opportunity to bring this creative solution to bare, and in doing so further build on our strong trading relationship.
“We believe that this agreement is a blueprint for creative capital deployment, exemplifying our purpose to bring ‘clarity from complexity’.”
Pat Ryan, founder, chairman and CEO of Ryan Specialty, added: “We’re excited about our substantially broadened delegated authority relationship with Aspen. Moreover, we are appreciative of their confidence in our underwriting capabilities and of their commitment to progressive solutions.”
Bruce Eisler, CEO US, and chief underwriting officer, Aspen Insurance, commented: “In conjunction with Ryan Specialty, we contemplated the existing structure of each binder and had to develop a creative solution relative to capital deployment through our US/UK companies and Lloyd’s Syndicate 4711 to bring this to fruition.
“The trading partnership is a great testament to our technical underwriting capabilities and strong collaboration across our global platforms and products.”
Miles Wuller, president and CEO of RSG Underwriting Managers, said: “We greatly appreciate Aspen’s innovation bringing coordinated insurance capital to support our $2 billion international underwriting managers business and its objectives.
“We now benefit from their syndicated support across nine of our MGUs. We thank the Aspen team for their trust of our delegated underwriting stewardship.”