NU Online News Service, Sept. 23, 1:49 p.m. EDT
Ryan Specialty Group, LLC (RSG) says it has completed its acquisition of specialist Lloyd’s insurer Jubilee Group Holdings Limited.
The acquisition was originally announced in May 2011.
RSG says Jubilee currently operates two active Syndicates at Lloyd’s: a managing agency and specialist underwriting distribution and insurance service businesses.
Patrick G. Ryan, chairman and CEO of RSG, says in a statement, “We believe there is a real opportunity in the specialty markets and Jubilee’s existing platform focuses on specialty insurance—specialties that we know. This acquisition will allow us to introduce and support new products and programs in global markets in a meaningful way. Jubilee’s presence within Lloyd’s uniquely enhances the execution of our overall strategy of offering and delivering preeminent providers of specialty products and services to the insurers, brokers and agents we serve.”
RSG also announces that Johnny Rowell, managing director of Ryan Specialty Europe Limited, is appointed chief executive of Jubilee; Miles Wuller is appointed Chief Financial Officer; Jonathan Matthews, previously chief risk officer of Liberty Syndicate Management Limited, is appointed chief operating officer; and Malcolm McCaig, formerly a big four audit partner, is named as an independent non-executive director.
Additionally, Max Taylor, a former chairman of Lloyd’s of London and deputy chairman of Aon UK, will be non-executive chairman of Jubilee’s board.
On its website, Jubilee describes itself as “a multi-niche Lloyd’s insurer delivering innovative products, marketing, distribution and service solutions across its specialty consumer lines, global property and life businesses.”