Ryan Specialty Group disclosed it has agreed to acquire some assets of a rival.
Specifically, the Chicago-based broker also known as RSG will buy some assets of ARC Specialty Brokerage, a wholesale insurance brokerage based in Jericho, N.Y. As part of the agreement, ARC Specialty’s current professionals will join RT Specialty, RSG’s wholesale brokerage unit, and they’ll be based in the division’s Long Island office in Melville, N.Y.
Among those joining RT Specialty: Mike Vollaro, a broker and specialist in New York Construction, and other producers of ARC Specialty and their respective assistants.
ARC Specialty, meanwhile, will continue to operate in the wholesale space along with its MGU, Professionals Risk Facilities, Inc.
Neither side disclosed financial terms.
RT Specialty provides wholesale brokerage and other services to agents and brokers. ARC Excess & Surplus (ARC Specialty) is a specialty wholesale broker based in Jericho, N.Y. with offices in 7 other U.S. locations. It specializes in management and professional liability insurance needs and property/casualty needs.
Sourcew: Ryan Specialty Group/ARC Excess & Surplus