NU Online News Service, May 19, 11:56 a.m. EDT
Ryan Specialty Group, LLC entered the Lloyd's market, acquiring Jubilee Group Holdings Ltd.
The Chicago, Ill.-based wholesale brokerage headed by the former chief executive of Aon, says Jubilee is comprised of Jubilee Managing Agency Ltd., and the distribution and administration businesses Jubilee Service Solutions Ltd., Lutine Assurance Services Ltd., and Amsterdam-based Jubilee Europe BV.
The deal does not include the Lloyd's Jubilee Syndicates 779, 5820 and 1231.
The transaction is still subject to regulatory approval.
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.
"Operating within Lloyd's, with four offices in the [United Kingdom] and also in Amsterdam for our European operation, Jubilee benefits from substantial financial strength," the firm says.
Patrick G. Ryan, chairman and CEO of RSG calls the acquisition, "strategically important" for the firm, providing direct access to Lloyds.
Rupert Lowe, chairman of Jubilee Group says the move "marks an important milestone in the growth of Jubilee" giving the firm "economies of scale to achieve a greater operating and capital base."
In the United States, New York-based insurance broker Integro says it acquired a San Francisco Bay-area based firm, adding to its operations there.
The firm acquired Argo Insurance Brokers of Pleasant Hills, Calif.
Argo, founded in 1983, offers commercial, private client services, employee benefits and specialty insurance programs. The firm has a second office in Anaheim, Calif., and employs approximately 40 people.
Integro President and CEO Peter Garvey says the move complements its existing Bay area business and will continue to operate from its current locations.
In Texas, Hub International Ltd. says it has acquired the assets of The Transportation Group (TTG) an insurance brokerage firm headquartered in Dallas and Houston.
The firm specializes in insurance and risk management for the trucking industry and is a major provider of insurance solutions for the trucking industry in Texas. TTG is comprised of various specialists who have dedicated their careers to this sector.
TTG will become part of Hub International Transportation Insurance Services Inc., says Hub. The firm added that this addition would strengthen its current footprint in the Texas market and add a new presence in Dallas and expanding its existing base in Houston and San Antonio, the firm continued.
Jim Howse and Jerry Gillikin, owners of TTG, will join Hub Transportation, reporting to Mike Birge, president of Hub Transportation.
The firm also announced that Tina Wrotenbery has joined Hub International Rigg as a Senior Employee Benefits Consultant after purchasing her book of business from Intercare Insurance Solutions, Inc.
She will move into Hub's existing offices in Houston.
Financial terms of all of these transactions were not released.
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