Ryan Specialty Group says wholesale brokers R-T Specialty and Westrope have reached an agreement to merge.
Terms of the transaction were not disclosed.
Kansas City-based Westrope, founded by Kevin Westrope in 1992, is the seventh largest wholesale broker in the U.S.—with a national presence and concentrations in the Midwest, Southeast and Southwest.
“Westrope enhances RT's presence in important geographies and products, as well as expands its binding authority capabilities,” says Patrick G. Ryan (pictured), CEO of Chicago's Ryan Specialty Group, in a statement. “This move substantially strengthens our management team, our intellectual capital and our ability to execute on behalf of our clients.”
Westrope's P&C book is complemented by workers' compensation, professional liability, transportation, agri-business and life science expertise, according to the joint statement.
“Our sales culture, producer development expertise and commitment to client service can be leveraged by the combined firm to provide a win-win for clients and carriers everywhere,” Westrope adds in the statement.
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