Ryan Specialty Group has announced a new strategic arrangement with Nationwide to support innovation and address needs in the specialty insurance space. Both companies remain parties to a joint venture entered into in 2019 that established Geneva Re, a Bermuda-based reinsurer.
The new strategic arrangement expands on that relationship and provides Ryan Specialty with limited exclusive access to insurance capacity on Harleysville of New York paper to support alternative risk placement. Harleysville of New York carries Nationwide’s A+ rating from AM Best and Standard & Poor’s.
The capital will be provided either by traditional risk transfer through Ryan Specialty’s managing general underwriters or an alternative risk placement through the formation of a captive or other strategy, and operated in conjunction with Keystone Risk Partners, Ryan Specialty’s leader in alternative risk placements.
“We are excited about the opportunity that this new agreement allows Ryan Specialty and Nationwide,” said Patrick G. Ryan, founder, chairman and CEO of Ryan Specialty. “There are many risks within the specialty insurance market that are not being serviced fully, where conventional insurance isn’t totally addressing the needs of the client.
“This arrangement allows for agility and innovation with a world-class financial institution whose financial ratings and performance are remarkable. We are very proud to build upon our joint venture relationship as we continue to deepen our strategic alignment with Nationwide in order to provide true value-add to the industry.”
“This is a natural extension of the existing joint venture we already have under the Geneva Re partnership,” said Russ Johnston, president of E&S/specialty at Nationwide. “We look forward to continuing to grow with Ryan Specialty, who is one of our largest E&S/specialty distribution partners.”