Ryan Specialty Group LLC today announced that it reached agreement to merge S.H. Smith & Company Inc. into R-T Specialty LLC, the wholesale brokerage unit of Ryan Specialty Group. Terms of the transaction weren't disclosed.
S.H. Smith & Company is likely one of the largest privately-owned specialty brokerages in the country. Headquartered in Hartford, Conn., the firm is licensed in 50 states and works through a network of over 2,000 independent retail agents.
Formed by Scott Smith in 1982, S.H. Smith & Company employs more than 90 team members and manages its business across four segments: Professional & Management Liability; Commercial Property & Casualty; In-House Underwriting; and Program Business.
Patrick G. Ryan, chairman & CEO of Ryan Specialty Group, said S.H. Smith & Co. President Scott Smith’s existing operations and experience becomes a basis for expanding R-T’s presence inside the Northeast moreover R-T’s binding authority capabilities. “We're excited Scott is joining RT’s senior leadership team,†Ryan said.
S.H. Smith & Company President Scott Smith said, “Combining our specialty services with RT’s strong, national distribution model is a win-win for clients everywhere. We're excited by the danger to affix our team with the fastest growing wholesale brokerage contained in the country.â€
