Ryan Specialty has entered into a definitive agreement to acquire specific assets of USQRisk Holdings, LLC, which will be integrated into the firm’s alternative risk segment.

USQRisk, founded in 2020 with operations in New York and London, underwrites non-traditional insurance exposures. The firm operates two main business divisions: alternative risk and facilities.

The alternative risk division focuses on designing, pricing, and placing bespoke, multi-year insurance solutions for corporate clients. The facilities arm develops insurance products for unique or underserved markets. USQRisk is backed by several highly rated insurance carriers.

Financial terms of the deal were not disclosed. The transaction is expected to close in the second quarter of 2025.

Ryan Specialty estimates the acquisition will contribute approximately $11 million in incremental operating revenue based on the 12 months ending December 31, 2024. The revenue figure has not been audited.

Kieran Dempsey (pictured above), CEO of Ryan Alternative Risk, said the acquisition strengthens the company’s alternative risk capabilities and highlighted USQRisk’s experience in structured liability, property, and auto solutions.

Anibal Moreno, CEO of USQRisk, cited access to broader distribution, capital support, operational infrastructure, and a business culture that encourages innovation as reasons for the move.

Throughout 2024, Ryan Specialty completed seven acquisitions, contributing over $265 million in annualized revenue.

Notable acquisitions included US Assure, a builder's risk insurance specialist, acquired for up to $1.48 billion; Innovisk Capital Partners, a London-based firm managing a portfolio of specialty managing general underwriters; and the property and casualty managing general underwriters of Ethos Specialty Insurance.

Additionally, the company acquired certain assets of EverSports & Entertainment Insurance, expanding its presence in the sports, leisure, and entertainment insurance sectors.

In early 2025, Ryan Specialty continued its expansion by acquiring Velocity Risk Underwriters, a managing general underwriter specializing in catastrophe-exposed property insurance.

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