Ryan Direct Group and AmTrust at Lloyd’s agree strategic relationship

Ryan Direct Group (RDG) and AmTrust Underwriting Limited (AUL) have entered in to a commercial arrangement whereby RDG will acquire the rights to the Commercial Combined SME portfolio underwritten by AUL.

AmTrust, through its Lloyd’s operation, will continue to supply the underwriting capacity.  The deal is subject to legal agreement and is expected to complete in November.

AUL will continue to underwrite and develop the Personal Accident and Travel account directly on behalf of AmTrust at Lloyd’s (ATL).

RDG chief executive Derek Coles explained that under the terms of the agreement, RDG will take over a book of business delivering circa £3.5m of net premium annually, as well as a team of underwriters, who will be based in RDG’s London City office.”

Mr Coles said: “The Commercial Combined SME portfolio is a highly attractive addition to our comprehensive range of general and specialist insurance products and will enable us to balance the commercial book alongside RDG’s personal lines business. We look forward to bringing it into our portfolio in order to deliver further growth in our distribution services unit.”

ATL CEO Peter Dewey said: “this agreement allows us to build on our existing relationship with RDG, using their leading TPA position in the market to enhance our commercial combined offering and develop the portfolio, allowing us to focus on and develop our personal accident offering.”