Ryan Specialty inks deal to buy insurance agency Keystone Risk

Ryan Specialty Group has signed a definitive agreement to acquire certain assets of Pennsylvania-based insurance agency Keystone Risk Partners.

Keystone generated approximately $8 million of revenue for the 12 months ended November 30, 2021.

The deal is expected to close later this month, subject to the completion of certain closing conditions.

RSG founder, chairman and chief executive officer Patrick Ryan (pictured) stated that the acquisition will allow it to expand its offerings to retail brokers and agent trading partners facilitating access to alternative risk capital.

“We are very excited to welcome the team of Keystone into the Ryan Specialty family and look forward to developing our alternative risk strategy together,” he said.

Andrew Lewis, principal of Keystone Partners, said: “By joining forces with Ryan Specialty, we are able to expand our platform to deepen our offerings with the vast resources of Ryan Specialty behind us.

“Combining our talent in the disciplines of underwriting, actuarial, banking, accounting, reinsurance and captive insurance company formation and management with the Ryan Specialty platform will allow us to continue to evolve the creative, customized solutions we offer our agent and broker clients. We couldn’t be more positive about the opportunity that the future holds being a part of the Ryan Specialty family.”

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