The deal is expected to close in July 2023
Mergers and Acquisitions
By Mika Pangilinan
Ryan Specialty has signed a definitive agreement to acquire Socius Insurance Services, a national wholesale insurance broker based in Northern California, from Abry Partners, employees and other shareholders.
The deal is expected to close in July 2023 and will see Socius become part of RT Specialty, the specialty distribution arm of Ryan Specialty. Terms of the transaction were not disclosed.
Founded in 1997, Socius has developed extensive expertise in handling complex lines of business, including professional liability, cyber liability, and property and casualty insurance. The company also boasts a significant concentration of skilled professionals in key hubs such as San Francisco, Miami, and Tampa, which will contribute to expanding RT Specialty’s scale and distribution capabilities.
Expressing his enthusiasm about the acquisition, Tim Turner, president of Ryan Specialty and chairman and CEO of RT Specialty, praised the quality of the Socius team.
“We have known them for many years and have been impressed by their professional business approach, technical competence, and exceptional execution,” Turner said. “We look forward to adopting these talented individuals and providing even more opportunities to them as they become part of the RT Specialty platform.”
Meanwhile, Patrick Hanley, Socius co-founder, president, and CEO, expressed confidence in joining the Ryan Specialty family, confirming that the move was the right decision for his team.
“From the beginning of our company, we have been committed to doing things ‘the right way’ – winning the trust of our clients through expertise and dedication,” Hanley said.
“Additionally, we create an exciting, rewarding, and collaborative work environment for our employees to maximize their potential. We believe Ryan Specialists embodies these same values and culture. By engaging With the strength of RT Specialty, we have positioned our professionals on a platform that will facilitate their growth.
Nathan Ott, partner at Abry Partners, also acknowledged Socius’ growth during the period and said it has consistently exceeded expectations.
“With the merger of Ryan Specialty, we are confident that Socius is poised to achieve the next level of growth. We wish the Socius team continued success,” said Ott.
Last month, Ryan Specialty announced the promotions of Brenda Austenfeld and Chris Houska to key leadership positions within their respective RT Specialty practices. Austenfeld was named president and CEO of RT Specialty’s national property practice, while Houska assumed the position of president of the national casualty practice.
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