Leaders welcomed teams from North Carolina, Texas, and Idaho
By Mary Or
International specialty insurance provider Ryan Specialty has completed a suite of acquisitions, following previously made announcements. Two of these are from the medical stop-loss sector.
Partner Insurance Services
Ryan Specialty has announced that it has completed the purchase of national wholesale insurance broker Socius from Abry Partners and other shareholders. Socius will now be part of Ryan Specialty’s wholesale distribution platform RT Specialty, adding extensive experience in P&C, professional, management, and cyber liability insurance to RT’s own offering.
Commenting on the deal, Ryan Specialty president Tim Turner said he was “thrilled” to welcome the “high-quality Socius team” to RT Specialty, who know and admire Socius and its professional approach to insurance business for many years. Ryan Specialty previously noted that Socius has created a ‘significant concentration’ of high-caliber local talent in key areas such as Miami, San Francisco, and Tampa, which will support the scale and distribution capabilities of RT Specialty.
Point6 Health Care
Ryan Specialty also completed the acquisition of certain assets of Plano, Texas-based insurance distributor Point6 Healthcare. Founded in 2018, Point6 Healthcare distributes medical interruption insurance, pharmacy solutions, and complex claims management for retail brokers and third-party administrators. Its CEO, Jeff Miller, said that Point6 has been dedicated to developing innovative healthcare solutions to meet the “rapid increase” in the costs of the industry since its inception.
Ryan Specialty first announced its acquisition of Point6 healthcare last month.
“Point6 has built a mission-critical solution set for retail brokers and third-party administrators seeking to help their clients ‘bend the cost curve’,” said Ryan Specialty Benefits CEO John Zern in a statement in June. Zern says Point6 addresses the usual “pain points” of self-funded providers — financial security, drug pricing, and complex claims.
ACE Benefit Partners
Following an announcement dated June 6, Ryan Specialty has finally completed its acquisition of certain assets of ACE Benefit Partners, another stop-loss general agent based in Eagle, Idaho.
ACE was founded in 2014 and has since built expertise in medical loss termination and many group life and disability benefits.
“The ACE team has proven to be true experts in the field of medical stop-loss insurance, a foundational benefits solution with ever-increasing relevance as employers seek the twin goals of being flexibility and cost effectiveness,” said Ryan Specialty founder, chair and CEO Pat Ryan.
“We are excited to partner with ACE to help retail brokers and [third-party administrators] to create the best insurance structure for their clients. “
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