Ryan Specialty Group, a leading international specialty insurance firm, has signed a definitive agreement to acquire certain assets of Keystone Risk Partners, LLC (“Keystone”) based in Media, PA.
Commenting on this acquisition, Patrick G. Ryan, Founder, Chairman and CEO of Ryan Specialty, said, “Keystone brings new talent to Ryan Specialty allowing us to expand our offerings to our retail broker and agent trading partners facilitating access to alternative risk capital. We are very excited to welcome the team of Keystone into the Ryan Specialty family and look forward to developing our alternative risk strategy together.”
Andrew A. Lewis, Principal, Keystone Partners, LLC, remarked, “By joining forces with Ryan Specialty, we are able to expand our platform to deepen our offerings with the vast resources of Ryan Specialty behind us. Combining our talent in the disciplines of underwriting, actuarial, banking, accounting, reinsurance and captive insurance company formation and management with the Ryan Specialty platform will allow us to continue to evolve the creative, customized solutions we offer our agent and broker clients. We couldn’t be more positive about the opportunity that the future holds being a part of the Ryan Specialty family.”
Keystone generated approximately $8 million of revenue for the 12 months ended November 30, 2021.
Terms of the transaction were not disclosed. The acquisition is expected to close later this month, subject to the completion of certain closing conditions.
Dowling Hales served as exclusive financial advisor to Keystone.