Ryan Specialty Group has announced that it has reached a definitive agreement to acquire the assets and operations of Westphalen Insurance Services, an independently owned wholesale insurance brokerage based in Oklahoma. Terms of the transaction were not disclosed.
Westphalen, founded in 1987, is a family-run business that focuses on property and casualty, personal lines and transportation. Led by Jeff Westphalen, the brokerage has binding authority commitments within each sector with A-rated XV carriers. With the acquisition, the Westphalen team will become part of RT Specialty, the wholesale brokerage unit of Ryan Specialty Group. The acquisition will establish RT Specialty’s presence in Oklahoma.
“We are very excited to have Jeff and his team at Westphalen join RT Specialty,” said Tim Turner, chairman and CEO of RT Specialty. “The Oklahoma City Market is one that we’ve been targeting and looking for the right broker; Westphalen is that broker. We couldn’t be happier to establish our presence with this team.”
“Our whole team is looking forward to the opportunity of being a part of RT Specialty,” Jeff Westphalen said. “We will be able to offer our clients and carriers higher volume and larger markets on the outstanding platform that RT Specialty has built. It is the right move for our company and our clients, and will open new opportunities for us all.”