Jubilee parent Ryan Specialty to retain 20% stake in combined entity

Lloyd’s insurers Jubilee Managing Agency and ANV Syndicate Management (ASM) are to merge.

The financial terms of the transaction were not disclosed, but the deal is expected to complete in the fourth quarter this year.

ASM’s parent, Dutch insurer ANV, will hold 80% of the combined entity while Ryan Specialty Group, which owns Jubilee, will hold the remaining 20%.

The combined company, which will retain the ASM name, will manage capacity of more than £400m. It will manage  ANV Syndicate 1861 and Jubilee Syndicates 5820 and 779. ASM will also continue to manage Apollo’s Syndicate 1969.

ANV founder and chief executive Matthew Fairfield said: “As a firm that sees strong underwriting as the top priority for both our growth and profitability, we could not be happier than to be investing further into Lloyd’s.

“We are very fortunate to have the opportunity to work with such high-quality people that RSG has committed to Jubilee. With this step we continue to build a strong foundation that serves all stakeholders for many years to come.”

Ryan Specialty chief executive Patrick Ryan added: “There is a strong strategic fit between ASML and Jubilee, in terms of both their complementary underwriting classes and the strengths of their respective managing agency operations. RSG remains highly committed to Lloyd’s and this transaction allows us to develop our strategy for underwriting at Lloyd’s from a position of enhanced scale.”