Ryan Specialty has entered into a definitive agreement to acquire certain assets of Geo Underwriting Europe BV (Geo Europe), a European managing general agent that is part of the Ardonagh Group. Terms of the deal were not disclosed.

Geo Europe is headquartered in Rotterdam, the Netherlands, with operations in Germany. It specializes in financial lines.

Following the acquisition, Geo Europe will join Ryan Financial Lines (RFL) within Ryan Specialty Underwriting Managers, supporting RFL’s expansion strategy in Europe. The acquisition is expected to close in the third quarter of this year.

Geo Europe’s portfolio focuses on mid-sized specialist companies and large global corporations across the European Union. The company’s underwriters have extensive experience in professional indemnity, management liability and cyber insurance.

Walter Kraft (pictured above) will be appointed Managing Director of Ryan Financial Lines – Benelux and DACH and will join the Ryan Financial Lines Executive Committee.

The addition of the GEO Europe team is in line with Ryan Financial Lines’ goal of expanding its presence across Europe, said Jimmy Polo, CEO of Ryan Financial Lines.

He highlighted the team’s strong reputation in the market and the results they have achieved, stressing that their culture complements that of Ryan’s specialist company.

Kraft also said that joining Ryan Specialty would enhance Geo Europe’s offering. He said Ryan Specialty Underwriting Managers’ analytical support and distribution capabilities align well with Geo Europe’s goals.

Kraft expressed his gratitude to the Ardonagh Group for supporting the launch of Geo Europe in 2019 and his enthusiasm for the company’s future with Ryan Financial Lines and the wider Ryan Specialty organisation.

In August, Ryan Specialty also announced a definitive agreement to acquire US Assure Insurance Services of Florida, Inc., a leading construction risk insurance provider.

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