Illinois-based Ryan Specialty Group has completed its acquisition of Lodestar Marine Ltd of London. Lodestar’s operations are now part of RSG Underwriting Managers, the managing general underwriting division of Ryan Specialty Group. Charles Dymoke and John Hearn, joint managing directors and co-founders of Lodestar, have joined RSG with the same title, and will continue to lead Lodestar.
The transaction was announced in February 2018 Lodestar Marine Ltd is an MGA in the protection & indemnity (P&I) fixed premium marine market. The seller was Tawa Associates Ltd.*
RSG said that Lodestar was a major player in the “non-International Group” P&I market, 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.