Ryan Specialty Holdings Inc. (RYAN) announced on Tuesday that it has reached a definitive agreement to acquire Velocity Risk Underwriters, a Nashville-based underwriter, from Oaktree Capital Management for $525 million in upfront cash.
Velocity Risk focuses on first-party insurance coverage for properties exposed to catastrophes such as named storms, earthquakes, and tornadoes in the U.S.
As part of the deal, Velocity's excess and surplus carrier, Velocity Specialty Insurance Co. will be acquired by FM, a mutual insurance company specializing in commercial property.
The acquisition of Velocity Risk is expected to close in early 2025.
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