RSUM affiliates assigned PA-1 AM Best performance assessment

By Michael Loney

May 28 - (The Insurer) - AM Best has assigned a performance assessment of PA-1 (Exceptional) to a group of nine affiliates of Chicago-based Ryan Specialty Underwriting Managers.

The nine affiliates are RSG Underwriting Managers, RSG Specialty, Ryan Re Underwriting Managers, Ryan Specialty International Limited, Ryan Specialty Nordics, Freberg Environmental, US Assure Insurance Services of Florida, Ryan Specialty Europe and Velocity Risk Underwriters.

In addition, AM Best has upgraded the assessments to PA-1 (exceptional) from PA-2 (excellent) of UK-based Ryan Specialty Underwriting Managers International Limited (RSUMI) and its Netherlands-based subsidiary, Ryan Specialty Netherlands BV.

The upgrades reflect RSUMI’s and RSN’s integration within RSUM following their acquisition in May 2024. RSUMI was formerly Castel Underwriting Agencies Limited and the subsidiary was Castel Underwriting Europe BV.

All of the 11 affiliate companies are now assessed by AM Best on a consolidated basis under RSUM, and have a stable outlook.

The assessment reflects RSUM’s “exceptional” underwriting capabilities, exceptional governance and internal controls, excellent financial condition, exceptional organisational talent and exceptional depth and breadth of relationships, the rating agency said.

“In AM Best’s view, the 11 affiliated companies, which include more than 35 MGUs, operate within a unified governance and systems framework and are considered strategically and financially integral to RSUM’s ability to deliver specialty insurance products in the United States and internationally,” it said.

The delegated underwriting authority enterprise entities within RSUM operate one of the largest underwriting platforms in the specialty insurance market, underwriting more than 250 specialised insurance products across a broad spectrum of risk classes and geographies.

RSUM aligns incentives based on profitable underwriting performance through contingent commissions and performance-based compensation.

Its parent Ryan Specialty co-invested in reinsuring the risks its MGUs underwrite through Geneva Re, a strategic joint venture with Nationwide Mutual Insurance Company.

RSUM leverages a broad network of more than 30,000 wholesale and retail broker companies, supporting high-volume deal flow across markets.

“RSUM’s diverse mix of specialty products effectively meets a wide range of broker and client needs, as the organization expands its footprint domestically and internationally. RSUM maintains long-term relationships with its top capacity providers, ensuring sustained underwriting capacity, program continuity and market stability,” AM Best said.