Private Client Select Insurance Services LLC (PCS), a leading independent Managing General Underwriter that is majority owned by American International Group, Inc. (NYSE: AIG) and Stone Point Capital LLC, today announced that it has entered into an agreement with Ryan Specialty (NYSE: RYAN) to establish a distribution partnership in which Ryan Specialty will become PCS’s exclusive wholesale broker in the High and Ultra-High-Net-Worth markets in the United States.
This exclusive distribution partnership with Ryan Specialty enables PCS to expedite growth and provide a broad range of solutions by mobilizing Ryan Specialty’s large distribution network of brokers to respond to the needs of clients with clear guidance on the risk profile.
AIG will continue to provide capacity through its various insurance companies and delegate underwriting authority and guidelines to PCS. Additionally, AIG will allocate more Excess and Surplus Lines (E&S) aggregate capacity to meet the needs of brokers, agents, and clients. AIG will also provide exclusive E&S paper in all 50 states through Marbleshore Specialty Insurance Company, subject to regulatory approval.
“Our distribution partnership with Ryan Specialty will advance PCS’s transformation into a best-in-class Managing General Underwriter in the high and ultra-high-net-worth markets,” said Christopher Flatt, Interim CEO of Private Client Select. “Ryan Specialty complements PCS’s deep underwriting, portfolio management, distribution and technological expertise, and together, we are ideally positioned to more efficiently deliver differentiated capabilities and services to our retail partners and clients.”
“PCS’s exclusive wholesale distribution partnership with Ryan Specialty is a major milestone for PCS and AIG and creates the ability to access the market with an industry leader in the wholesale segment with the infrastructure, expertise and unique capability to profitably scale businesses,” said Peter Zaffino, Chairman and Chief Executive Officer, AIG. “We have the utmost respect for Pat Ryan and Tim Turner, and the partnership with Ryan Specialty will enable PCS to provide comprehensive admitted and non-admitted capabilities to meet clients’ needs as the business evolves to address supply chain constraints, the impact of inflation on the housing market, and the increased frequency and severity of secondary perils. I am also very pleased to announce the formation of Marbleshore Specialty, which will serve as AIG’s 50-state E&S company dedicated to the ultra and high-net-worth business.”
Pat Ryan, Founder, Chairman and CEO of Ryan Specialty said, “PCS’s strategic use of E&S paper creates flexible solutions to address coverage gaps in the high-net-worth and ultra-high-net-worth markets. This exclusive distribution partnership with PCS will further enhance our national wholesale brokerage business and the superior service Ryan Specialty provides to our high-net-worth customers. We look forward to working closely with PCS and AIG to deliver new products and services to this highly coveted segment of the market.”
About Private Client Select Insurance Services
Private Client Select Insurance Services LLC (PCS) is a leading independent Managing General Underwriter that is majority owned by American International Group, Inc. (NYSE: AIG) and Stone Point Capital LLC that serves the High and Ultra-High-Net-Worth markets in the United States.
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