Ryan Specialty Group (RSG) has reached a definitive agreement to acquire Lodestar Marine Limited (Lodestar), a leading MGA in the P&I fixed premium marine market. Terms of the transaction were not disclosed.
Lodestar is a leader in the “non-IG” P&I market and is one of the few providers to offer liability limits of up to $1 billion. Led by RSA Insurance Group PLC in the primary (up to $500 million), it offers owners’, charterers’ and operators’ P&I and additional covers for vessels up to 40,000 gross tonnage worldwide. Lodestar will become part of RSG Underwriting Managers (RSGUM), the managing general underwriting division of RSG.
Jorge Pecci, marine practice head at RSG, commented: “Lodestar will strengthen our marine practice, and provides a solid foundation for further expansion into other marine lines with physical presence and access to the London market and a unique distribution network.”
Charles Dymoke and John Hearn, recognized P&I industry experts join RSG as executive directors of Lodestar and will continue to lead Lodestar going forward. Mike Rice, chairman and CEO of RSG Underwriting Managers, said the two men “have a wealth of underwriting experience, and their global reach significantly expands RSG’s marine offerings”.
He added: “Lodestar’s commitment to innovation and service to understand, guide and protect their clients aligns well with RSG’s values and approach to business. We are very pleased to have Lodestar as a part of the RSG family.”
“We are extremely excited to be joining Ryan Specialty Group,” said Charles Dymoke and John Hearn, co-Founders of Lodestar. “RSG is prominent for their innovative approach and focus on underwriting results, and we look forward to increasing our geographic presence and product offering. We feel the transaction is a perfect step in Lodestar’s course of optimally serving our clients.”
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