Under the terms of the agreement, Ryan Specialty will acquire certain assets of Everest’s EverSports and Entertainment Insurance business, an MGU serving customers in the Sports, Leisure, and Entertainment market.
EverSports, founded in 2013, offers a wide range of insurance products for the sports, leisure, and entertainment industry. By joining Ryan Specialty’s existing SLE facility, Alive Risk, both firms will be able to expand their product offerings and reach a broader customer base.
Miles Wuller, President and CEO of Ryan Specialty Underwriting Managers, said: “We’re very excited to welcome this team to the Ryan Specialty family. David Nikolai and the members of the EverSports team are well known and respected in the SLE sector, and we see a tremendous cultural fit with Alive Risk. We look forward to bringing these great brands and product capabilities together to further serve our trading partners.”
Jim Williamson, Everest Group Chief Operating Officer also commented, saying: “This agreement builds on the long-standing trading partnership between Everest and Ryan Specialty and is well-aligned with the strategic objectives of both organizations. As Everest continues to execute on our insurance business strategy, expanding our offerings and capabilities globally, we are focused on core areas where we have the deepest concentration of resources and provide the marketplace with the greatest value.”
He added: “Ryan Specialty, with its dedicated focus and investment in the Sports, Leisure, and Entertainment market, is positioned to maximize the EverSports and Entertainment portfolio, and its long-term potential.”