Ryan Specialty Acquires Castel Underwriting Agencies
December 21, 2023
Ryan Specialty (NYSE: RYAN) has signed a definitive agreement to acquire Castel Underwriting Agencies Limited from Arch Financial Holdings (UK) Limited and minority shareholders. Castel is a London-headquartered managing general underwriter (MGA) platform comprising 13 MGUs and generating roughly £35 million of operating revenue; the deal is expected to close in the first half of 2024 subject to regulatory approvals and customary conditions.
- Buyers
- Ryan Specialty
- Targets
- Castel Underwriting Agencies Limited
- Sellers
- Arch Financial Holdings (UK) Limited, Minority shareholders
- Industry
- Insurance
- Location
- United Kingdom
- Transaction Type
- Buyout
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