R-T Specialty Acquires Oakbridge Insurance Services

R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, said it will broaden its executive and professional liability business with the acquisition of Oakbridge Insurance Services LLC.

Terms were not disclosed.

Bloomfield, Conn.-based Oakbridge is a wholesale brokerage focusing exclusively on executive and professional liability exposures and insurance solutions. The company was organized in 2005 as the successor to Carpenter Moore Insurance Services' Eastern U.S. operations.

Carpenter Moore merged with Nasdaq Insurance Agency in 2005, but the company's wholesale operation was later shut down, said Chelsey Krull, a marketing specialist with Ryan Specialty.

The acquisition will "strengthen our ability to service clients in the professional liability arena," she said.

Oakbridge also has offices in California, Minnesota, New Jersey and Ohio.

Patrick G. Ryan, the retired founder of Aon Corp., launched Ryan Specialty earlier this year. At the time the group was launched, he said it's designed to develop managing general underwriters, managing general agents, wholesale brokers and a service platform to be used by agents and brokers (BestWire, Feb. 10, 2010).

Last year, Aon acquired Carpenter Moore Insurance Services Inc., a provider of executive liability risk management services. Carpenter Moore was a wholly owned subsidiary of Nasdaq OMX Group Inc. (BestWire, Oct. 27, 2009).

(By Meg Green, senior associate editor, BestWeek: [email protected])