Chicago-based wholesale broker and underwriting manager Ryan Specialty Group (RSG) is to acquire London, UK-based MGA Lodestar Marine from Tawa Associates Ltd, the spin-off company created on the back of Tawa plc and which is now is a subsidiary of Paris-based Financière Pinault SCA, which manages the run-off of non-life insurance companies.
Lodestar’s operations will become part of RSG Underwriting Managers (RSGUM), the managing general underwriting division of RSG.
Lodestar operates in the P&I market outside of the International Group and is. Said RSG, one of the few providers to offer limits of liability up to $1bn. Led by RSA Insurance Group PLC in the primary (up to $500m), it offers owners,’ charterers’ and operators’ P&I and additional covers for vessels up to 40,000 gross tonnage worldwide.
Charles Dymoke and John Hearn, co-founders of Lodestar, are joining RSG as executive directors of Lodestar and will continue to lead Lodestar going forward.
Mike Rice, chairman and CEO of RSGUM, said that “Lodestar’s commitment to innovation and service to understand, guide and protect their clients aligns well with RSG’s values and approach to business”.
Dymoke and Hearn said that they were “extremely excited to be joining Ryan Specialty Group. RSG is prominent for their innovative approach and focus on underwriting results, and we look forward to increasing our geographic presence and product offering”.
TigerRisk Capital Markets & Advisory served as financial adviser to the seller, Tawa Associates Ltd.