Ryan Specialty (RYAN) said Tuesday it has agreed to buy Velocity Risk Underwriters from funds managed by Oaktree Capital Management for $525 million in upfront cash, subject to adjustments.
As a component of the deal, Velocity's Velocity Specialty Insurance, or VSIC, will be bought by commercial property mutual insurance company FM, Ryan said, adding the upfront cash consideration is exclusive of VSIC and any earnout consideration, Ryan said.
The acquisition of Velocity is expected to close early this year, Ryan added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.