Around the P&C insurance industry: August 7, 2024

Ryan Specialty formed an exclusive relationship with MagMutual, the largest mutual insurer of physicians and hospitals in the U.S. This relationship is through Sapphire Blue, which specializes in developing sophisticated solutions to complex healthcare risks, and is a part of the firm’s underwriting specialty, Ryan Specialty Underwriting Managers.

Ryan Specialty acquired US Assure Insurance Services of Florida, Inc. US Assure, headquartered in Jacksonville, Florida, is a leading program specializing in builder’s risk insurance, and will become a part of our underwriting managers specialty within Ryan Specialty. US Assure’s underwriting is enhanced by a sophisticated and robust proprietary technology platform that provides ease of access to insurance brokers and expedites the underwriting and policy issuance process. US Assure issues admitted market insurance coverage on behalf of Zurich American Insurance Company, an AM Best “A+” rated carrier.

IMA Financial Group partnered with Wallace Welch & Willingham, Inc. The St. Petersburg and Sarasota, Florida-based firm is the largest privately held retail insurance broker in the state with 155 employees and nearly $30 million in annual revenue. With this new partnership, Wallace Welch & Willingham will be known as Wallace Welch & Willingham, an IMA company.

Coalition launched its innovative active cyber insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. Coalition’s offerings became available on August 1, 2024. Coalition now offers insurance products in Germany with capacity provided by Allianz Global Corporate & Specialty SE in a multi-year agreement. Coalition’s active cyber insurance is available to businesses with up to €1 billion in revenue on a primary basis, with no minimum premium requirement. Coalition’s excess cyber insurance product is expected to be available in early 2025.