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.
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