Pat Ryan the man who built the Aon broking empire has moved into the London market with the acquisition of Jubilee Holdings Limited, via his specialty underwriting operation.
His Ryan Specialty Group has sealed the deal for the Jubilee Group for an undisclosed sum although the deal is still subject to Lloyd’s and FSAapproval.
Mr Ryan launched Ryan Specialty in 2009, and the group now includes a wholesale brokerage and a specialty underwriting operation.
Mr Ryan, chairman and CEO of Ryan Specialty, said. The deal was a significant one for the group as it provided it with access to the world’s oldest insurance market and the myriad of underwriting licenses that membership provides.
“It provides us with direct access to the Lloyd’s market and represents a key cornerstone of our strategy to provide specialty expertise and commitment to insurance underwriters, brokers and agents across a single, unique platform,” he said as the deal was announced.
Rupert Lowe, Chairman of Jubilee Group, said: “The agreement marks an important milestone in the growth of Jubilee and will provide us with the necessary economies of scale to achieve a greater operating and capital base. We have strong and profitable businesses in our Lloyd’s underwriting and distribution operations.
“The support of Ryan Specialty Group means we are now in an even better position to achieve our plans. Working with JLT Advisory throughout this process has provided us with the experience and strategic input we have needed to achieve this successful outcome”
Jubilee Group Holdings Limited owns Jubilee Managing Agency Limited and the distribution and administration businesses Lutine Assurance Services Limited, Jubilee Service Solutions Limited and Jubilee Europe BV.
Andreas Loucaides, Chief Executive of Jubilee Managing Agency Limited, part of Jubilee Group, commented: "Our sale to Ryan Specialty Group is very much in line with the strategy of growth and diversification Jubilee has been pursuing. Our market position and experienced team and the considerable investment made in key areas such as Solvency II has enabled the business to grow and respond to market opportunities. As a result, we provide a robust Lloyd’s platform for Ryan Specialty Group to expand its reach.”