The Ryan Specialty Group (RSG) announced that it would "significantly strengthen its MGA and third party administration (TPA) capabilities in the UK" with an agreement to acquire insurance services provider Direct Group for an undisclosed consideration. The acquisition is subject to regulatory approval.
Direct Group has been a partner to specialist Lloyd's insurer Jubilee, part of RSG, for a number of years. The acquisition will build on Jubilee's existing TPA operation, Jubilee Service Solutions, and enable the company to access a wider range of complementary services to strengthen its offering to brokers and clients.
Direct Group is based in Doncaster. It delivers a range of MGA and TPA services across the insurance industry and provides solutions to financial institutions, corporations and affinities. These services include the following said the bulletin: "underwriting, proposition delivery, policy administration, premium collection, distribution services, insurer and captive reporting and comprehensive claims handling services. Following the acquisition Direct Group's directors will remain with the business and play an active role in its future development."
Pat Ryan, founder and Chairman of RSG commented: "Ryan Specialty Group's acquisition of Direct Group represents an important milestone in the development of our company and Jubilee and furthers RSG's expansion into the global community."
Johnny Rowell, CEO RSG Europe Ltd, added: "The acquisition of Direct Group significantly enhances Jubilee's capabilities in the core consumer products area in the UK and provides growth opportunities for both Jubilee and Direct Group."
Derek Coles, CEO of Direct Group, indicated that the company is "delighted to be joining the Ryan Specialty Group at this important stage of its development. Having already worked closely with Jubilee we can be certain that the combined offering will deliver great benefits both internally and to our brokers and clients."
Source: Ryan Specialty Group
admin 18 Sep, 2012
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Source: http://www.insurancejournal.com/news/international/2012/09/18/263368.htm
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