Nationwide and Ryan Specialty Group (“RSG”) have agreed to enter into a joint venture that creates a new reinsurance company, Geneva Re Ltd., which will be based in Bermuda. Nationwide will own 50 percent of the venture with RSG and RSG-related investors holding the remaining 50 percent.
Michael D. O'Halleran will serve as executive chairperson of Geneva Re.
Ryan Re, an RSG affiliated company led by Brian M. Boornazian, will act as the exclusive underwriting manager for Geneva Re.
In a statement, the companies said that Geneva Re would immediately have the financial strength to accept a diversified portfolio of reinsurance business from RSG's underwriting programs. They anticipate that Geneva Re will be able to begin underwriting business July 1, 2019, subject to the approval of the Bermuda Monetary Authority. In addition, Nationwide will appoint Ryan Re as its exclusive underwriting manager for third-party property and casualty treaty reinsurance business flowing through Geneva Re.
Remarking on this joint venture, Patrick G. Ryan, the founder, chairperson, and chief executive officer of RSG, said, “We are proud and excited to partner with Nationwide, a world-class financial institution whose financial ratings and performance are unquestionable. We also share a similar culture, which is critical to entering into a long-term relationship. RSG and its operating companies, RT Specialty and RSG Underwriting Managers, look forward to expanding the already successful relationship we have enjoyed with the Nationwide companies since our inception in 2010, and further enhancing this partnership with Geneva Re and Ryan Re. It has been our goal since RSG's formation to more fully align our interest with our clients. Through Geneva Re, we will be able to accomplish this objective.”
“We look forward to furthering our relationship with Ryan Specialty Group, who is today one of our largest E&S/specialty distribution partners,” said Mark Berven, the president and chief operating officer of Nationwide's property and casualty lines. “This relationship will create new opportunities for both organizations to expand our reach and serve additional niche markets that are currently underserved.”
Speaking of this new venture, Mr. O'Halleran said, “I am thrilled to be part of the new partnership between RSG and Nationwide. Ryan Re and Geneva Re, with the support of our founding shareholders, will immediately have significant financial strength and be able to accept a diversified portfolio of reinsurance business.”
Learn more: www.nationwide.com; www.ryansg.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].