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0 0 -0.0040630586705672 -0.00325044693645369 0.00178774581504956 0.00796359499431175 8.12611734113856E-05 -0.00520071509832602
Stock impact report

Ryan Specialty Signs Definitive Agreement to Acquire Velocity Risk Underwriters [Yahoo! Finance]

Ryan Specialty Group Holdings, Inc. Class A (RYAN) 
Company Research Source: Yahoo! Finance
insurance firm, is pleased to announce it has signed a definitive agreement to acquire Velocity Risk Underwriters, LLC ("Velocity") from funds managed by Oaktree Capital Management, L.P. ("Oaktree"). Based in Nashville, Tennessee, Velocity is a leading managing general underwriter ("MGU") providing first-party insurance coverage for catastrophe exposed properties and will become a part of the Ryan Specialty Underwriting Managers division of Ryan Specialty. Velocity was founded in 2015 to focus on US property catastrophe risks, providing hard to secure coverage for perils such as named storm, earthquake, and tornado and hail, with an emphasis on middle market and small to medium commercial businesses. Geographically, Velocity has a national footprint with a particularly strong presence in Florida, Texas, and the Southeast. As a component of this transaction, and subject to regulatory approval, Velocity's wholly owned E&S carrier, Velocity Specialty Insurance Company ("VSIC") will b Show less Read more
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