Ryan Specialty Group (RSG) has announced that it has reached a definitive agreement to acquire the assets and operations of The Suitelife from Venture Insurance Programs. Pennsylvania-based Suitelife will become part of RSG Underwriting Managers (RSGUM), the managing general underwriting unit of RSG.
Suitelife, founded in 2010, is a program manager that specializes in boutique hotels, premier and full-service hotels, hotel management companies, condo hotels and resorts. It offers package, liability, property, umbrella, auto and workers’ compensation coverage. It also offers underwriting, design, administration and marketing, and is distributed through independent agents and brokers, RSG said.
“We are excited to have The Suitelife become a member of the RSGUM family,” said Michael D. Rice, chairman and CEO of RSGUM. “This business is a leader in their highly specialized market niche, and, with its proven talent and leadership, will be an excellent complement to our other MGUs.”
“We are thrilled for our team to become part of Ryan Specialty Group and their underwriting organization, RSGUM,” said John Welty, Suitelife practice leader. “The culture and support offered by RSGUM will expedite our efforts in our future growth initiatives, including the development of new programs and markets. We’re very much looking forward to our future with RSG.”
Terms of the transaction were not disclosed.