NU Online News Service, July 21, 3:52 p.m. EDT
The wholesale brokerage unit of Ryan Specialty Group LLC has acquired risk management consulting and insurance brokerage Chartwell Independent Insurance Brokers LLC.
R-T Specialty LLC of Illinois, a provider of specialty insurance services to retail agents, brokers and insurance carriers worldwide, is headed by President and Chief Executive Officer Tim Turner and Aon Corp. founder Patrick G. Ryan, chairman and CEO of Ryan Specialty.
Terms of the transaction were not disclosed.
Attempts to reach R-T Specialty were not immediately successful.
Chartwell, an intermediary insurance broker specializing in high-risk coverage, was founded in September 2004 by Ben Beazley. It has offices in Los Angeles, Scottsdale, Ariz., and Alpharetta, Ga., which just opened in February. In 2008 the broker added an excess & surplus casualty division.
Mr. Beazley said the new partnership will allow Chartwell to expand services to clients while R-T Specialty benefits from Chartwell's products and market relationships.
Recently, a U.S. district court judge elected not to grant an injunction requested by wholesale broker CRC Insurance Services Inc. against former employees now with R-T Specialty. CRC alleged 120 employees in May left the company to join R-T Specialty. CRC looked to enforce the confidentiality and non-solicitation agreements their former employees signed.
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