Abry Partners, a Boston-based private equity firm, and BHMS Investments, LP, a Connecticut-based private equity firm, have completed the sale of Innovisk to Ryan Specialty (NYSE: RYAN), a leading international specialty insurance services firm.
Innovisk was founded in 2017 and consists of a diverse, non-correlated portfolio of seven highly regarded specialty MGUs. Innovisk's lines of business include environmental, transactional liability, U.S. and international financial lines, professional liability for lawyers, commercial auto liability, and UK professional indemnity and P&C. Headquartered in London, Innovisk also has offices in the United States and India.
Commenting on Innovisk, Tim Turner, CEO of Ryan Specialty, said, "We have tremendous respect for Innovisk. Their outstanding management team has demonstrated a differentiated value proposition to brokers, agents and carriers, and their underwriting talent is among the best in the industry. At Ryan Specialty, we see new product innovation and diversification as essential components of the value that we bring to our clients and trading partners. Innovisk clearly shares this view and has made the critical investments to be able to not only launch new products but bring those products to market quickly."
David Thomas, CEO of Innovisk, stated, "Ryan Specialty has the right leadership and platform to accelerate the growth of our exceptional business lines while offering significant ongoing opportunities to our employees. With the shared mission to innovate where there is need and service clients and trading partners at the highest level, the addition of our team to RSUM will be smooth and empowering for our teammates. We have watched Ryan Specialty grow and earn the reputation as a specialty insurance leader, and we couldn't be more excited to join this widely respected firm. I would like to thank Abry and BHMS for their collaborative partnership, aligning early on our vision, then offering strategic insights to drive thoughtful execution throughout a three-year journey."
Today's announcement is evidence of Innovisk's strength and success to date. "The Innovisk team has built a differentiated platform focused on underwriting quality, enhanced by industry-leading data and technology and backed by a world-class panel of insurance carrier partners," said Nathan Ott, Partner at Abry Partners. Innovisk has experienced strong organic growth since Abry and BHMS invested in 2021. With the support of Abry and BHMS' deep insurance domain expertise and robust operating resources, Innovisk expanded its global reach and made significant investments to accelerate growth.
Vidur Khatri, Principal, Abry Partners, added, "During our partnership with Innovisk, we have seen consistent execution and dramatic growth. In combination with Ryan Specialty, we are confident that Innovisk is poised to achieve its highest ambitions. We wish the Innovisk team continued success."
Kevin Angelis, Managing Partner at BHMS, added, "We had the privilege of partnering with David Thomas and the exceptional team at Innovisk, immediately aligning with their vision and ambition. Their commitment to delivering a culture of world-class underwriting by leveraging innovative technology has been instrumental in building a winning formula. We're proud to have contributed to Innovisk's development, and this transaction is an excellent step for the company, unlocking new opportunities for the platform."
Ardea Partners served as financial advisor to Innovisk, with Kirkland & Ellis LLP and Hill Dickinson LLP acting as legal counsel to Abry, BHMS, and Innovisk.
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