LONDON--(BUSINESS WIRE)--AM Best has commented that the Performance Assessment (assessment) of PA-2 (Excellent) of Castel Underwriting Agencies Limited (Castel) (United Kingdom) and its subsidiary, Castel Underwriting Europe B.V. (Netherlands), is unchanged following its announced acquisition by Ryan Specialty [NYSE: RYAN].
Ryan Specialty and Castel jointly announced on Dec. 21, 2023, that Castel’s immediate parent company, Arch Financial Holdings (UK) Limited (Arch), has entered into definitive agreement under which Ryan Specialty will acquire Castel from Arch and Castel’s minority shareholders. Terms of the transaction were not disclosed. The acquisition is expected to close during the first half of 2024, subject to regulatory approvals and customary closing conditions.
Assuming the acquisition is completed as currently contemplated, AM Best does not expect the transaction’s execution to result in any immediate changes to Castel’s assessment. Nonetheless, AM Best will continue to monitor the situation.
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