Ryan Specialty Group, a wholesale specialty insurance brokerage, raised $1.3 billion by offering 56.9 million shares (63% synthetic secondary) at $23.50, within the range of $22 to $25.
Ryan Specialty Group provides specialty insurance solutions for brokers, agents, and carriers. For retail insurance brokers, it assists in the placement of complex or otherwise hard-to-place risks. For insurance carriers, it works with retail and wholesale insurance brokers to source, onboard, underwrite and service those hard-to-place risks. A significant majority of the premiums Ryan Specialty Group places are bound in the E&S market, which includes Lloyd’s of London.
Ryan Specialty Group plans to list on the NYSE under the symbol RYAN. J.P. Morgan, Barclays, Goldman Sachs, Wells Fargo Securities, UBS Investment Bank, William Blair, RBC Capital Markets, BMO Capital Markets, and Keefe Bruyette Woods acted as joint bookrunners on the deal.
The article Specialty insurance solutions provider Ryan Specialty Group prices IPO at $23.50 midpoint originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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