Rating Evaluation Given to Ryan Specialty Underwriting Managers and Associates by AM Best
News: AM Best Upgrades Ryan Specialty Underwriting Managers' Performance Assessment to Exceptional
In an announcement, global credit rating agency AM Best has assigned a new performance assessment of PA-1 (Exceptional) to a group of nine affiliates of Ryan Specialty Underwriting Managers (RSUM), headquartered in Chicago, IL. The outlook for these assessments is stable.
The assessment upgrade follows the integration of two affiliates, Ryan Specialty Underwriting Managers International Limited (RSUMI) and its Netherlands-based subsidiary, Ryan Specialty Netherlands BV, within RSUM, following their acquisition in May 2024. As a result, all eleven affiliated companies are now assessed on a consolidated basis under RSUM.
The performance assessments of RSUMI and Ryan Specialty Netherlands BV have been upgraded to PA-1 (Exceptional) from PA-2 (Excellent), with the outlook for these assessments revised to stable from positive.
The exceptional underwriting capabilities, robust governance, solid financial condition, exceptional organizational talent, and deep relationships of RSUM are reflected in this PA-1 rating. The 11 affiliated companies, which encompass more than 35 MGUs, operate within a unified governance and system framework and are considered strategically and financially essential to RSUM's ability to deliver specialty insurance products in the U.S. and internationally.
AM Best recognizes RSUM's underwriting performance as exceptional, as its delegated underwriting authority enterprise (DUAE) entities operate one of the largest underwriting platforms in the specialty insurance market. With underwriting more than 250 specialized insurance products across a broad spectrum of risk classes and geographies, the organization effectively serves complex and underserved market segments at scale.
RSUM's governance and internal controls promote underwriting discipline, transparency, regulatory and contractual compliance, and sustained profitability. The organization's strategic alignment and operations are reinforced through Geneva Re, a joint venture with Nationwide Mutual Insurance Company, which co-invested in reinsuring the risks its MGUs underwrite to establish ongoing strategic risk participation in its underwriting results.
RSUM's excellent financial condition benefits from a balanced growth strategy, consistent strong profitability, and robust organic growth. The organization's acquisition-led expansion, driven by strong operating cash flows and optimization of leverage ratios, ensures access to capital and long-term sustainability.
RSUM's exceptional organizational talent is supported by a seasoned senior leadership team, employee equity opportunities, and training and development programs designed to foster long-term talent retention across all levels.
The stable outlook for the 11 affiliated companies reflects AM Best's view that they operate within a unified governance and systems framework and are strategically and financially integral to RSUM's ability to deliver specialty insurance products.
The following affiliates have been assigned a performance assessment of PA-1 (Exceptional) with a stable outlook:- RSG Underwriting Managers, LLC- RSG Specialty, LLC- Ryan Re Underwriting Managers, LLC- Ryan Specialty International Limited- Ryan Specialty Nordics AB- Freberg Environmental, LLC- US Assure Insurance Services of Florida, LLC- Ryan Specialty Europe GmbH- Velocity Risk Underwriters
The performance assessments of Ryan Specialty Underwriting Managers International Limited (RSUMI) and Ryan Specialty Netherlands BV have been upgraded to PA-1 from PA-2, with the outlooks revised to stable from positive.
This press release pertains to performance assessments that have been published on AM Best's website. For more information, visit www.ambest.com.
For additional information regarding the use and limitations of Performance Assessments, please view the Guide to Best's Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view the Guide to Proper Use of Best's Ratings & Assessments.
- The ongoing compliance with regulatory and contractual requirements, as well as the delivery of exceptional underwriting performance, is a key factor in AM Best's upward revision of the performance assessments for Ryan Specialty Underwriting Managers (RSUM) and several of its affiliates.
- AM Best's recognition of RSUM's exceptional underwriting capabilities extends to their strong presence in the cloud, with their delegated underwriting authority enterprise (DUAE) entities operating one of the largest underwriting platforms in the specialty insurance market.
- The stable outlook for RSUM's 11 affiliated companies, including RSG Underwriting Managers, LLC, Ryan Specialty Europe GmbH, and Velocity Risk Underwriters, indicates that they are strategically and financially integral to RSUM's business performance and infrastructure.
