Ryan Specialty, a leading international specialty insurance firm, is pleased to announce the signing of a definitive agreement to acquire certain assets of Griffin Underwriting Services, a binding authority specialist and wholesale insurance broker based in Bellevue, Washington.
Griffin, which was founded in 1928, has long-standing relationships with retail insurance brokers in the Pacific Northwest and throughout the country. Griffin provides a wide range of solutions in a variety of specialty insurance lines, including earthquake and transportation. Griffin’s technical expertise and consistent underwriting results have earned him the support of a number of major carriers.
“We are excited to welcome the exceptional professionals at Griffin into Ryan Specialty,” said Tim Turner, President of Ryan Specialty and Chairman and CEO of RT Specialty. Griffin broadens our geographic scope and capabilities by expanding our offerings in the Pacific Northwest. Griffin is also an important component of our ongoing expansion of our national binding authority offering. “We are excited to welcome the Griffin team to Ryan Specialty.”
Griffin Underwriting Services Co-Presidents Jason Griffin and Van Griffin stated, “We are very familiar with RT Specialty and are thrilled to be joining the team.” Griffin takes pride in developing top talent and providing an environment that empowers individuals. Ryan Specialty is clearly founded on the same principles. We are excited about the opportunities that this new phase will provide for our employees, and we look forward to our future as members of the Ryan Specialty family.”
Griffin’s revenue for the fiscal year ending November 30, 2022 was approximately $23 million.
The transaction’s terms were not disclosed. The transaction is expected to be completed in January 2023.