CHICAGO, IL – Ryan Specialty (NYSE: RYAN), a leading international specialty insurance firm, is pleased to announce that today it acquired certain assets of Centurion Liability Insurance Services, LLC (“Centurion”). Centurion is a professional lines wholesale insurance broker and has employees based in Florida and California. Prior to the acquisition, Centurion was partially owned by Insurance Office of America (“IOA”).
Commenting on the purchase, Tim Turner, Chairman and CEO of RT Specialty and President of Ryan Specialty, said, “We are thrilled to add the Centurion professional liability experts to RT Specialty. Their expertise, drive for exceptionalism, and approach fit perfectly with the Ryan Specialty culture. We look forward to having these individuals as a part of the RT Specialty team.”
Heath Ritenour, Chairman & CEO of IOA, added, “IOA has a long-standing relationship with Ryan Specialty, and we look forward to enhancing that relationship with the sale of Centurion. Further, we’re excited for the Centurion team, who will benefit from joining Ryan Specialty’s industry-leading professional liability team and independent business model. We believe independence is critical to the long-term success of the wholesale insurance brokerage industry. This deal is unambiguously advantageous for Centurion, its employees, and its clients.”
Zulma Zak, President of Centurion, commented, “I am immensely proud of what the Centurion team has accomplished since our founding in 2007. It has been a pleasure to serve our many clients and friends and we look forward to continuing and strengthening these relationships as part of Ryan Specialty.”
Terms of the transaction were not disclosed.
Source: Ryan Specialty
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