Ryan Specialty and MagMutual Form Exclusive Relationship for Healthcare Facility Business

Business Wire

CHICAGO--(BUSINESS WIRE)--
Ryan Specialty (NYSE: RYAN), a leading international specialty insurance firm, is pleased to announce that it is forming an exclusive relationship with MagMutual, the largest mutual insurer of physicians and hospitals in the U.S. This relationship is through Sapphire Blue, which specializes in developing sophisticated solutions to complex healthcare risks, and is a part of the firm’s underwriting specialty, Ryan Specialty Underwriting Managers.

Sapphire Blue is a leading underwriter of senior living and allied healthcare liability and will become MagMutual’s exclusive underwriter for policyholders outside the traditional physician and hospital model, most significantly as related to senior living and allied healthcare facilities.

Both companies have a reputation for innovation, integrity, and client centricity. Together, their collective effort and experience will create a preeminent insurance solution, protecting and furthering the mission of quality healthcare providers. This exclusive relationship will strengthen product innovation, customer service, and risk management.

Commenting on this strategic relationship, Patrick G. Ryan, Founder, Chairman, and CEO of Ryan Specialty, said, “MagMutual is a leader in the physicians and hospital professional liability insurance market, and we are pleased to strategically align our healthcare practice with them. We appreciate the collaboration of Neil Morrell and MagMutual’s talented team during this process, and we look forward to jointly bringing innovation and greater customer solutions to our clients and their insureds.”

“Bringing together the two most positively disruptive, fastest-growing and customer-focused organizations in healthcare liability insurance is an exciting prospect for our current and future agents and customers,” said Neil Morrell, CEO of MagMutual. “The synergies are not only self-evident; they are potentially transformative.”

"The collective experience, expertise, and brand recognition of our two organizations is exceptional in the healthcare liability marketplace. Together we will expand our healthcare liability products and offerings to better serve those who care for others,” said Nancy McMahon, CEO of Sapphire Blue.

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. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com.

About Sapphire Blue

Sapphire Blue is a managing general underwriter that draws on more than 25 years of healthcare experience to provide tailormade insurance solutions, superior claims handling services, and customized risk management.

About MagMutual

For more than four decades, MagMutual has been a leading provider of medical professional liability insurance. Today, they are the largest mutual medical professional liability carrier in the U.S., delivering healthcare liability insurance coverage to more than 40,000 healthcare providers and organizations nationwide. They offer customized advice, claims support and financial benefits that result in improved outcomes and stronger policyowners.