By Mia MacGregor

April 24 - (The Insurer) – Ryan Specialty’s recent agreement to acquire alternative risk transfer-focused MGA USQRisk is the latest in a string of acquisitions that have expanded the Chicago-based wholesale and underwriting company’s footprint in the delegated authority space.

So far in 2025, Ryan Specialty has announced two deals, including the February acquisition of Nashville-based MGU Velocity Risk Underwriters from funds managed by Oaktree Capital Management, for an upfront cash payment of $525 million.

This follows an active 2024 when it completed seven acquisitions, on top of five deals in 2023.

Among the largest deals made in 2024 was the purchase of US Assure Insurance Services of Florida for $1.075 billion upfront.

On an investor call in August 2024 to discuss the deal shortly after it was announced, founder and chairman Pat Ryan, who at that time was also CEO, said the transaction meaningfully increased the company’s footprint in the programs segment of delegated underwriting authority.

"We are pleased to be executing on M&A focused in this area as we see it as ripe for consolidation," Ryan noted.

Commenting on the company’s fourth-quarter and full-year 2024 results, Ryan described it as a "highly active" year for M&A, highlighted by seven “high quality” deals that contributed over $265 million in annualized revenue.

CEO Tim Turner, who stepped into the role in October 2024, highlighted "significant new business growth" and "strong renewal retention."

"Coupling these results with significant M&A not only increased our market share but greatly expanded our total addressable market. We could not be more proud of the outstanding success we had in executing our M&A strategy, as we had our largest year yet in terms of acquired revenue," he said.

Speaking at a Program Manager conference in New York in May 2024, Ryan Specialty Underwriting Managers chairman and CEO Miles Wuller said large independent platforms that have invested in delegated authority are well positioned to thrive.

These players, he explained, will be able to "make some noise and make themselves distinct" amid a wave of “exceptional” family- and entrepreneur-led MGUs expected to hit the market.

In an October 2024 interview with The Insurer TV, Wuller emphasized that Ryan Specialty’s disciplined approach to acquisitions has been a key differentiator.

“We’ve been patient acquirers. Prices weren't right for a while, but now we’re seeing great opportunities,” he said. The company, he added, focuses on innovators who understand their fiduciary duty to carrier partners.

Talent has also played a central role in the firm’s success. “People want deeper alignment with their P&L,” Wuller said, citing a “mass migration” of talent into the MGA space. “We give people the tools to increase their market share.”

Looking ahead, Wuller said the company’s growth would be supported by its diversified business model.

“We’ve expanded from wholesale programs and MGAs into areas like health and benefits, captive management, and alternative risk practices,” he explained.