August 22, 2019, CHICAGO, IL – Ryan Specialty Group, LLC, is pleased to announce that it has reached a definitive agreement to acquire the assets and operations of The Suitelife (Suitelife), a program manager specializing in boutique hotels, premier and full service hotels, hotel management companies, condo hotels, and resorts from Venture Insurance Programs. Suitelife is based in West Chester, PA and will become part of RSG Underwriting Managers, LLC (RSGUM), the managing general underwriting unit of Ryan Specialty Group (RSG).
Founded in 2010, Suitelife is a best-in-class program manager that offers package, liability, property, umbrella, auto and workers’ compensation coverages to hotels, resort properties and private resort communities. Their program management includes underwriting, design, administration and marketing and is distributed through independent agents and brokers. The Company has exclusive underwriting authority with multiple A.M. Best highly-rated carriers including Zurich, Allianz and others.
Commenting on this acquisition, Michael D. Rice, Chairman and CEO of RSGUM, said, “We are excited to have The Suitelife become a member of the RSGUM family. This business is a leader in their highly specialized market niche and, with its proven talent and leadership, will be an excellent complement to our other MGUs. John Welty, Joe Dolce, Jim Shaffer and the rest of their underwriting team will further expand and enhance RSGUM’s offerings to our broker clients.”
John Welty, Suitelife Practice Leader, remarked, “We are thrilled for our team to become a part of Ryan Specialty Group and their underwriting organization, RSGUM. The culture and support offered by RSGUM will expedite our efforts in our future growth initiatives, including the development of new programs and markets. We’re very much looking forward to our future with RSG.”
Terms of the transaction were not disclosed.
For more information, please contact Alice Phillips Topping, Chief Marketing and Communications Officer, Ryan Specialty Group, at: Alice.Topping@ryansg.com, 312-635-5976
RSG Underwriting Managers, LLC
RSG Underwriting Managers, LLC (RSGUM) is the managing general underwriting division of Ryan Specialty Group and consists of a series of specialty managing general underwriters (MGU). Each MGU provides expertise in distinct and challenging market niches. RSGUM provides centralized governance, shared services and executive oversight to its specialty underwriting businesses. For more information, please visit rsgum.com.
About Ryan Specialty Group
Ryan Specialty Group, LLC, is a leading international specialty insurance organization designed specifically for brokers, agents, and insurers which includes highly specialized managing general underwriting companies (within RSG Underwriting Managers) and a wholesale brokerage firm (RT Specialty). For more information, please visit ryansg.com.