Ryan Specialty finalizes Castel acquisition

Ryan Specialty has successfully finalized its acquisition of Castel Underwriting Agencies Limited, a managing general underwriting (MGU) platform. The deal, which involved purchasing Castel from Arch Financial Holdings (UK) Limited and minority shareholders, marks a significant expansion for Ryan Specialty in terms of both reach and capabilities. Castel, headquartered in London with offices in the Netherlands, Belgium, and Singapore, was founded in 2014 and comprises 13 niche MGUs specializing in areas like marine and construction.

In the financial year ending on Nov. 30, Castel reported operating revenues of around £35 million. The addition of Castel is expected to diversify Ryan Specialty's portfolio by introducing new products and enhancing offerings for clients and trading partners.

Miles Wuller, president and CEO of Ryan Specialty Underwriting Managers, expressed his enthusiasm for the acquisition, stating, "We are delighted to welcome the exceptional underwriting talent and executive leadership from Castel into the Ryan Specialty family. Castel's introduction of new products and facilities expands our offerings to clients and trading partners." In light of the acquisition, Ryan Specialty also announced a strengthened leadership team for its Underwriting Managers International division: Mark Birrell has been appointed as chairman and CEO, having previously served as CEO of Castel.

Carin Verhagen will continue as general counsel and take on additional responsibilities at Ryan Specialty International. Roland Hill, formerly CFO of Castel, is now the chief operating officer. Wuller highlighted the importance of this leadership team in accelerating the establishment of new operations in the region, stating, "We are excited to collaborate with this incredible team." Birrell, who transitioned from CEO of Castel to chairman and CEO of Ryan Specialty Underwriting Managers International, shared his thoughts on the merger, saying, "We have built Castel around attracting and retaining the best underwriters in the industry, providing them with tools and resources to deliver exceptional performance." "Ryan Specialty embodies the same ethos, and we are thrilled to merge with this exceptional company. I am confident that as part of Ryan Specialty, we are positioning our MGUs for continuous success and enabling our underwriters to further their careers," emphasized Birrell.