Ryan Specialty Underwriting Managers (RSUM), the underwriting management arm of NYSE-listed global specialty insurance services provider Ryan Specialty, has completed arrangements for a series of Lloyd’s of London syndicated stamps to support its global syndicated property and casualty (P&C) mandated underwriting portfolio.
The company said the consortium was formed with the support of six Lloyd’s syndicates, which will jointly assume a 15% participation in the entire portfolio.
The participation is available across all categories of businesses, product lines and geographies, except for a portion of the stake related to Velocity Risk Underwriters, the company’s managing general underwriter specializing in major catastrophe (CAT) risks.
According to Shui On’s professional underwriting manager, underwriting institutions will begin to affix the consortium seal when renewing contracts, and the first renewal will be carried out from August 1.
Miles Wuller, CEO of RSUM, said: “We are proud of the continued interest in our portfolio and our ability to transform a diverse, well-curated, high-performing family of businesses into accessible specialty insurance assets. Additionally, we are pleased to contribute broad-based data and structural efficiencies to the specialty market.
“I would like to highlight Ardonagh’s forward-thinking investment in Axiiem, the digital exchange powered by its technology, which will serve as an accelerator for the structure,” Wuller added.
“We are grateful to Lloyd’s for their constructive support throughout the process, helping to bring together market-leading expertise and capabilities. In addition, we would like to thank Markel for their cornerstone support, as well as all new and existing consortium stakeholders, in making this transaction a reality.”
