CHICAGO--(BUSINESS WIRE)--Ryan Specialty (NYSE: RYAN), a leading international specialty insurance firm, is pleased to announce it has signed a definitive agreement to acquire certain assets of Point6 Healthcare, LLC (“Point6”), a distributor of medical stop loss insurance, pharmacy solutions, and complex claims management on behalf of retail brokers and third party administrators. Point6 is based in Plano, TX.
Discussing their benefits strategy, Pat Ryan, Founder, Chairman & CEO of Ryan Specialty said, “Point6 and their talented team will provide foundational benefits capabilities to Ryan Specialty. With this cornerstone competence and expertise, Ryan Specialty will make it possible for retail brokers and third party administrators to access leading healthcare solutions on behalf of their clients.”
John Zern, President & CEO of Ryan Specialty Benefits, commented, “Point6 has built a solution set that is mission-critical for retail brokers and third-party administrators seeking to help their clients in “bending the cost curve”. Point6 addresses fundamental pain points for self-funded employers: financial certainty, drug pricing, and complex claims. I am excited to work with Jeff Miller and the Point6 team as we seek to accelerate and extend Point6’s remarkable growth trajectory.”
Jeff Miller, CEO of Point6, remarked, “Since our founding in 2018, Point6 has been focused on developing innovative solutions to address rapidly escalating healthcare costs. We have seen great adoption of these solutions and now is the right time to expand our distribution strategy and solution innovation by partnering with Ryan Specialty. This is an incredible opportunity for the key stakeholders we serve and our employees.”
Terms of the transaction were not disclosed. The acquisition is expected to close in July 2023.
About Ryan Specialty
Founded in 2010, Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents and carriers. Ryan Specialty provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Ryan Specialty’s mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents and carriers. ryanspecialty.com
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Ryan Specialty’s current intentions, expectations or beliefs regarding the proposed acquisition of Socius. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts, including statements related to the acquisition and the future prospects of the integrated business. Such forward-looking statements are subject to various risks and uncertainties. Risks and uncertainties related to the offering, Ryan Specialty and its business can be found under the heading “Risk Factors” in the documents of Ryan Specialty on file with the SEC, including the risk factors discussed throughout the “Risk Factors” section of our prospectus forming a part of the Form S-3ASR filed on May 22, 2023, our Annual Report on Form 10-K filed on March 1, 2023, and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 filed on May 5, 2023, in each case, with the SEC, as such factors may be updated from time to time in periodic filings made by Ryan Specialty with the SEC. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Ryan Specialty does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise.
