Chicago-based insurance company Ryan Specialty is set to acquire Castel Underwriting Agencies, a London-headquartered managing general underwriter platform. The undisclosed transaction involves the purchase of Castel from Arch Financial Holdings (UK) Limited and minority shareholders, as outlined in a recently signed definitive agreement.
Established in 2014, Castel comprises 13 niche MGUs specializing in areas such as marine and construction, with additional offices in Belgium and the Netherlands. Castel generated approximately £35 million in operating revenue for the 12 months ending November 30.
Ryan Specialty founder, chair, and chief executive Patrick G. Ryan expressed confidence in the acquisition, stating, “Castel is a first-class organization with a history of exceptional performance on all metrics, including underwriting profit and growth. Bringing Castel into Ryan Specialty expands our UK and European footprint in delegated authority, and the lines of business underwritten by these MGUs are both complementary and accretive to our firm. We are eagerly anticipating further expansion with this highly talented team.”
Castel CEO Mark Birrell shared his perspective, stating, “We have built Castel around attracting and retaining the industry’s best underwriters, providing them with tools and resources to achieve extraordinary levels of performance. Ryan Specialty shares the same philosophy, and we are excited to join forces with this great firm. I am confident that as part of Ryan Specialty, we are positioning our MGUs for continued success and our underwriters to further accelerate their careers.”
The transaction is anticipated to be completed in the first half of the upcoming year.
