On Thursday, Insurer Ryan Specialty (NYSE: RYAN) said it has agreed to buy specialized builder’s risk insurance firm US Assure Insurance Services of Florida.
The deal includes a cash payment of about $1.08 billion and an additional $400 million component contingent on certain financial performance targets achieved during three years, following the acquisition.
Specialized builder’s risk insurance, also known as course of construction insurance, is a type of insurance that helps protect buildings under construction.
“Specializing in builder’s risk, US Assure underwrites a diversified portfolio of residential, commercial, and remodeling projects in non-urban locations, as well as large metropolitan areas,” CEO Patrick Ryan, said.
Founded in 1977, US Assure operates in the small to middle market segment of the builder’s risk insurance market with a diversified portfolio throughout the United States and relationships with over 20,000 active agents, the company said.
(Source: ReutersReuters)
