Chicago-based Ryan Specialty completed the purchase of Jacksonville-based US Assure Insurance Services of Florida on Aug. 30 for $1.075 billion in cash and up to $400 million in additional payments based on meeting performance targets during the three years after the purchase.
US Assure specializes in builder’s risk insurance and became a part of the Ryan Specialty Underwriting Managers division of Ryan Specialty, an international specialty insurance intermediary.
Ryan Specialty said Aug. 2 it plans to keep the US Assure name and the headquarters of US Assure in Jacksonville, and retain its 160 employees and leadership, including CEO Ty Petway.
US Assure is headquartered at 8230 Nations Way in Cypress Point Business Park.
CEO Thomas “Ty” Petway IV is Tom Petway’s son.
US Assure was started in 1977 by Tom Petway and his partners at Home Builders Insurance. It changed its name to Zurich Insurance Services in 1998 and to US Assure in 2012.
The senior Tom Petway was a founding partner of the Jacksonville Jaguars.
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