Ryan Specialty Group LLC said Monday that it has expanded its joint venture with Columbus, Ohio-based insurance company Nationwide Mutual Insurance Co. to support alternative risk transfer needs, including captive insurance companies.
Under the expanded arrangement, Ryan Specialty will have limited exclusive access to insurance capacity on paper provided by Harleysville Insurance Co. in New York to support alternative risk placements. Harleysville is a unit of Nationwide.
Capital will be provided either through traditional risk transfer through Ryan Specialtys managing general underwriters or as an alternative risk placement with Keystone Risk Partners LLC which provides captive insurance and other risk services to agents and brokers. Ryan Specialty acquired Keystone last year.
“There are many risks in the specialty insurance market that are not fully serviced, where conventional insurance does not fully meet customer needs,”; said Patrick G. Ryan, founder, chairman and CEO of Ryan Specialty, in a statement.
Ryan Specialty and Nationwide 2019 started the Bermuda-based reinsurer Geneva Re Ltd. via a 50/50 joint venture.