Ryan Specialty Group has acquired 360° Underwriting, a managing general underwriter based in Dublin and Galway that focuses on commercial construction insurance. The business will now operate under the Ryan Specialty Underwriting Managers (RSUM) division.
Founded in 2017, 360° Underwriting has built a business focused on Ireland’s construction sector, offering services such as latent defect insurance and owner-controlled insurance programmes. The firm uses proprietary modelling practices to manage risk aggregation and maintain consistency across its portfolio, which it credits for securing strong capital backing.
Mark Birrell (pictured above), executive chairman of Ryan Specialty Underwriting Managers International, said Paul Sherry and Tommy Byrne, who lead 360°, are known in the market for their technical knowledge in construction underwriting.
“Not only are they a perfect fit from a cultural perspective, but they are an excellent complement to our existing latent defect business and a natural entry point for Ryan Specialty to Ireland. We’re excited to welcome them to Ryan Specialty,” Birrell said.
In a joint statement, Sherry and Byrne said partnering with Ryan Specialty would allow them to expand their offering and leverage the platform’s resources and support.
“Additionally, we are drawn to the strong culture of integrity and empowerment at Ryan Specialty making the firm an excellent fit for our future – allowing us to continue to provide the service levels that our broker trading partners have become accustomed to since 2019,” they said.
Ryan Specialty’s last major acquisition in this part of the world was when it announced that it was in final negotiations to acquire Innovisk Capital Partners from Abry Partners and BHMS Investments.
The acquisition, which closed in November, also integrated Innovisk into RSUM. Founded in 2017, Innovisk has established itself with a diversified portfolio with business in environmental insurance, transactional liability, and commercial auto, among other specialty lines. It is headquartered in London, with operations in the US and India.
During the same reporting period, Ryan Specialty saw its total revenue surge by 20.5% to US$604.7 million in Q3 2024, compared to US$501.9 million in the same period in 2023.
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