Insurance services provider Ryan Direct Group (RDG), a British subsidiary of Chicago-based Ryan Specialty Group, said it plans to acquire Northern Ireland-based MGA Midas Underwriting.
The terms of the agreement were not disclosed, but the acquisition is subject to regulatory approval.
RDG CEO Derek Coles said the acquisition will give RDG extra capability in niche and specialist lines in home, motor and commercial: “Midas is a specialist business, like RDG, and the Midas book complements our existing portfolio in [small and midsize enterprises], property owners and landlords, and additionally supports our medium-term aim of creating a balanced commercial and personal lines book.”
“It marks RDG’s first significant foray into the niche and specialist motor market, building on our existing [third-party administrator] arrangement with the Only Young Drivers brand in the U.K.,” he said. “We look forward to working with Midas’s existing capacity providers, including Axa, Ageas and KGM, to deliver accelerated growth and profitability across all business lines.”
Coles said that RDG’s acquisition of Midas will also give RDG access to enhanced claims capability, especially in motor, which “adds considerably to the services the Group can offer our insurance and broking clients.”
“This acquisition by RDG is a huge vote of confidence in our business and our people. It strengthens our position as a leading player in the Northern Ireland and Irish market, and will give us added financial strength to accelerate growth under the RSG brand,” said Alan Hunter, managing director of MGA Midas.
Hunter said MGA Midas’s business includes small and midsize enterprises; commercial vehicle; personal home and motor; nonstandard home and car; property owners; and ancillaries. MGA Midas is expected to write in excess of £30 million gross written premium into the market in its current financial year covering the mainland United Kingdom, Northern Ireland and Republic of Ireland markets.
Paul Donaldson, currently nonexecutive director of RDG, will chair the acquired business, which is headquartered in Belfast, Northern Ireland, and has an office in Chelmsford, Essex, in the U.K. The acquisition is expected to be completed during the first quarter of 2016.
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Trudy Knockless
Trudy Knockless is a reporter on ALM Media's Business of Law desk. She has a background serving legal and insurance publications. Contact her at [email protected] or on LinkedIn at Trudy Knockless.
