AMSTERDAM--(BUSINESS WIRE)--ANV Holdings BV (“ANV”), the Dutch-headquartered specialty insurance business founded by R. Matthew Fairfield, and Ryan Specialty Group, LLC (“RSG”) today announced the successful completion of the previously announced transaction to combine their Lloyd’s managing agency operations, ANV Syndicate Management Limited (“ASML”) and Jubilee Managing Agency Limited (“Jubilee”).
As announced earlier, ANV will hold 80% of the ownership in ASML and RSG will own the remaining 20%. Effective immediately, the group will operate as ANV Syndicates and will manage ANV Syndicate 1861 and Jubilee Syndicates 5820 and 779. ASML will also continue to manage Apollo’s Syndicate 1969.
“We entered into this transaction with the highest expectations for a much stronger combined operation within the London market,” explains R. Matthew Fairfield, Founder and Chief Executive Officer of ANV. “Working together since the transaction was announced two months ago, these expectations have been exceeded on all levels. Culturally and professionally, we couldn’t be more pleased with how well things have come together and the clear potential for the group going forward.”
“The ANV team has already demonstrated both its strong operational capabilities and its deep spirit of partnership within this transaction,” adds Patrick G. Ryan, Chairman and CEO of RSG. “I speak for the full Jubilee team when I say that we are looking forward to the breadth of new opportunities ahead of us as a combined operation.”
About ANV: ANV and its lead investor, Ontario Teachers' Pension Plan, are building a best-in-class global specialty insurance group. ANV provides underwriting for specialty risk solutions for global organizations both as a MGA as well as a risk-bearing insurer. With offices in Hong Kong, Milan, Barcelona, London, Rio de Janeiro and New Jersey, ANV has built a team of leading underwriting specialists focused on providing solutions for specialty risks on a global basis. For more information, visit www.anv.eu.com.
About Ontario Teachers´ Pension Plan: With $129.5 billion in net assets as of December 31, 2012, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 303,000 active and retired teachers in Ontario. For more information, including our 2012 and previous annual reports, visit www.otpp.com. Follow us on Twitter: @OtppInfo
About Ryan Specialty Group: Founded by Patrick G. Ryan (retired CEO and founder of Aon Corporation), Ryan Specialty Group, LLC (RSG) was established in 2010. Headquartered in Chicago, Illinois, RSG is a global organization consisting of wholesale brokerage, underwriting managers and other specialty insurance services to agents, brokers and insurance carriers. In addition to Jubilee, RSG’s European operations include Direct Group, Lutine, and Jubilee Europe, which are not included in this transaction. For more information about RSG or any of its companies, please visit www.ryansg.com.
