Ryan Specialty Group has reached an agreement to acquire the assets and operations of the Richmond, VA-based insurance brokerage Atlantic Specialty Lines (ASL).
Terms of the transaction were not disclosed.
ASL is a wholesale insurance brokerage founded in 1996. Aside from its headquarters in Virginia, the company also has additional locations in Florida, Louisiana, New York, Pennsylvania and Texas. ASL’s specialized lines of business include general liability, commercial property, commercial package, professional liability, and personal lines.
Following the close of the transaction, the ASL team will become part of R-T Specialty (RT Specialty) – Ryan Specialty Group’s wholesale brokerage unit. The addition of ASL expands RT Specialty’s footprint in the Mid-Atlantic and Southeast regions, and is a step along the unit’s national binding authority strategy, a release said.
“We are thrilled to have the ASL team become a part of RT Specialty. Their level of service and expertise is exceptional. ASL is the perfect player to expand in the Mid-Atlantic and Southeast,” said RT Specialty CEO Tim Turner in a statement.
“We are excited to be joining forces with RT Specialty and collaborating with like-minded professionals. The opportunities for both ASL and RT are huge,” commented ASL chief operating officer Seth Johnson.
Johnson commented that the cultures of both ASL and RT Specialty are “very similar,” with both companies sharing a passion for the business and the same goal – to provide the best solution to clients.