By Chris Munro

April 9 - (The Insurer) - Ryan Specialty Underwriting Managers has added another MGU to its roster with the launch of L3 Underwriting Managers, which focuses on worldwide corporate property (re)insurance business.

The startup MGU is led by London-based Nicholas Champness as CEO, who joined Ryan Specialty in August last year as head of direct and facultative property.

L3 will write a portfolio of international non-U.S. corporate property (re)insurance across various occupancies, ranging from single locations to Fortune 500 firms.

Targeted product offerings include primary and first and second excess of loss layers, catastrophe-only, sideways deals, deductible buy downs and fire, lightning, explosion and aircraft, or Flexa.

L3 will also look to write accounts with low claims attrition, and those that are susceptible to an accumulation of natural catastrophe exposures.

The MGU can write limits of up to $1 million on any one account, backed by capacity L3 said is rated by AM Best and S&P at the A level.

Among the industry segments that L3 is focused on are municipalities and institutions, electronic manufacturing, food processing, rail, woodworkers and sawmills, mining, steel and metalworks, hotels and motels, retailers and wholesalers, and other light manufacturers.

L3 has no appetite for writing property business with occupancies that include waste and recycling, energy production, and oil and gas refineries.

Before moving to Ryan Specialty, Champness spent almost three years at Ascot Group, latterly as deputy head of international property.

Champness’ career also includes time at Geo Specialty, Allied World and SA Meacock.

The launch of L3 is the latest expansionary move RSUM has made in recent months. RSUM, the underwriting-focused arm of wholesaler Ryan Specialty, was bolstered by the addition of Nashville-based Velocity Risk Underwriters, which was acquired from private equity sponsor Oaktree Capital Management in a $525 million cash deal.

That transaction is the latest example of Ryan Specialty’s efforts to strengthen its RSUM offering through acquisition.

It undertook a host of transactions in 2024 including the acquisitions of builders’ risk platform US Assure, London-based Innovisk Capital Partners and the P&C operations of Ethos Specialty from Ascot.

Other major acquisitions Ryan Specialty has completed in the last two years include Greenhill Underwriting Insurance Services in the U.S., along with Castel Underwriting Agencies and Geo Underwriting in Europe.