(Reuters) – Insurer Ryan Specialty said on Thursday it has agreed to buy specialized builder’s risk insurance firm US Assure Insurance Services of Florida.
The deal includes a cash payment of about $1.08 billion and an additional $400 million component contingent on certain financial performance targets achieved during a three-year period, following the acquisition.
Specialized builder’s risk insurance, also known as course of construction insurance, is a type of insurance that helps protect buildings under construction.
“Specializing in builder’s risk, US Assure underwrites a diversified portfolio of residential, commercial, and remodeling projects in non-urban locations as well as large metropolitan areas,” CEO Patrick Ryan said in a statement.
Founded in 1977, US Assure operates in the small to middle market segment of the builder’s risk insurance market with a diversified portfolio throughout the United States and relationships with over 20,000 active agents, the company said.
(Reporting by Manya Saini in Bengaluru; Editing by Mohammed Safi Shamsi)
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