BOSTON and WESTPORT,
Conn., Nov. 4, 2024 /PRNewswire/ -- Abry
Partners, a Boston-based private
equity firm, and BHMS Investments, LP, a Connecticut-based private equity firm, have
completed the sale of Innovisk to Ryan Specialty (NYSE: RYAN), a
leading international specialty insurance services firm.
Innovisk was founded in 2017 and consists of a diverse,
non-correlated portfolio of seven highly regarded specialty MGUs.
Innovisk's lines of business include environmental, transactional
liability, U.S. and international financial lines, professional
liability for lawyers, commercial auto liability, and UK
professional indemnity and P&C. Headquartered in London, Innovisk also has offices in
the United States and India.
Commenting on Innovisk, Tim
Turner, CEO of Ryan Specialty, said, "We have tremendous
respect for Innovisk. Their outstanding management team has
demonstrated a differentiated value proposition to brokers, agents
and carriers, and their underwriting talent is among the best in
the industry. At Ryan Specialty, we see new product innovation and
diversification as essential components of the value that we bring
to our clients and trading partners. Innovisk clearly shares this
view and has made the critical investments to be able to not only
launch new products but bring those products to market
quickly."
David Thomas, CEO of Innovisk,
stated, "Ryan Specialty has the right leadership and platform to
accelerate the growth of our exceptional business lines while
offering significant ongoing opportunities to our employees. With
the shared mission to innovate where there is need and service
clients and trading partners at the highest level, the addition of
our team to RSUM will be smooth and empowering for our teammates.
We have watched Ryan Specialty grow and earn the reputation as a
specialty insurance leader, and we couldn't be more excited to join
this widely respected firm. I would like to thank Abry and BHMS for
their collaborative partnership, aligning early on our vision, then
offering strategic insights to drive thoughtful execution
throughout a three-year journey."
Today's announcement is evidence of Innovisk's strength and
success to date. "The Innovisk team has built a differentiated
platform focused on underwriting quality, enhanced by
industry-leading data and technology and backed by a world-class
panel of insurance carrier partners," said Nathan Ott, Partner at Abry Partners. Innovisk
has experienced strong organic growth since Abry and BHMS invested
in 2021. With the support of Abry and BHMS' deep insurance domain
expertise and robust operating resources, Innovisk expanded its
global reach and made significant investments to accelerate
growth.
Vidur Khatri, Principal, Abry
Partners, added, "During our partnership with Innovisk, we have
seen consistent execution and dramatic growth. In combination with
Ryan Specialty, we are confident that Innovisk is poised to
achieve its highest ambitions. We wish the Innovisk team continued
success."
Kevin Angelis, Managing Partner
at BHMS, added, "We had the privilege of partnering with
David Thomas and the exceptional
team at Innovisk, immediately aligning with their vision and
ambition. Their commitment to delivering a culture of world-class
underwriting by leveraging innovative technology has been
instrumental in building a winning formula. We're proud to have
contributed to Innovisk's development, and this transaction is an
excellent step for the company, unlocking new opportunities for the
platform."
Ardea Partners served as financial advisor to Innovisk, with
Kirkland & Ellis LLP and Hill Dickinson LLP acting as legal
counsel to Abry, BHMS, and Innovisk.
About Innovisk
Headquartered in London, UK,
Innovisk operates a portfolio of MGA programs across the U.S. and
UK. Innovisk's MGA operations span across diversified lines of
business, including small commercial P&C, environmental
liability, professional indemnity and international rep &
warranty insurance. The Company is led by an experienced management
team and leverages a centralized and scalable proprietary
technology and data platform to optimize underwriting, risk
analytics, pricing and distribution. Innovisk is supported by
numerous A-rated reinsurers and blue-chip distribution partners
across wholesale and retail channels. For more information about
Innovisk, visit www.innovisk.com.
About Abry Partners
Abry Partners is one of the most experienced and successful
sector-focused private equity investment firms in North America. Since its founding in 1989, the
firm has completed over $90 billion
of leveraged transactions and other private equity or preferred
equity placements. Currently, the firm manages over $5.0 billion of capital across its active funds.
For more information about Abry Partners,
visit www.abry.com.
About BHMS
BHMS is a private investment firm focused on the North American
middle market. The firm was founded in 2010 and is based
in Westport, CT. BHMS invests in a variety of control and
structured equity opportunities ranging from consolidation
strategies to conventional leveraged buyouts. The firm focuses on
industries in which it has deep experience and relationships
including business & insurance services. BHMS is currently
deploying capital from its most recent fund, which it closed in
July 2024. For more information about
BHMS, visit bhmsinvestments.com.
About Ryan Specialty
Founded in 2010, Ryan Specialty is a service provider of
specialty products and solutions for insurance brokers, agents and
carriers. Ryan Specialty provides distribution, underwriting,
product development, administration and risk management services by
acting as a wholesale broker and a managing underwriter with
delegated authority from insurance carriers. Ryan Specialty's
mission is to provide industry-leading innovative specialty
insurance solutions for insurance brokers, agents and carriers. For
more information, visit ryanspecialty.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
View original
content:https://www.prnewswire.com/news-releases/abry-partners-and-bhms-announce-sale-of-innovisk-to-ryan-specialty-302295838.html
SOURCE ABRY Partners
