RSG Announces Agreement to Acquire Westphalen Insurance Services Inc.
CHICAGO, IL – Ryan Specialty Group, LLC, is pleased to announce that it has reached a definitive agreement to acquire the assets and operations of Westphalen Insurance Services Inc. (Westphalen), an independently owned wholesale insurance brokerage located in Edmond, Oklahoma. The Westphalen team will become part of R-T Specialty, LLC (RT Specialty), the wholesale brokerage unit of Ryan Specialty Group, and will establish the company’s presence in Oklahoma.
Founded in 1987, Westphalen is a long-time family run business which focuses on property and casualty, personal lines and transportation. The firm has binding authority commitments within each segment with ‘A’ rated XV carriers. Led by Jeff Westphalen, Westphalen has established itself as a leader in its market, providing superior solutions, service and access to excellent capital.
Tim Turner, Chairman and CEO of RT Specialty, commented, “We are very excited to have Jeff and his team at Westphalen join RT Specialty. The Oklahoma City market is one that we’ve been targeting and have been looking for the right broker; Westphalen is that broker. We couldn’t be happier to establish our presence with this team.”
Remarking on the acquisition, Jeff Westphalen, President of Westphalen Insurance Services, said, “Our whole team is looking forward to the opportunity of being a part of RT Specialty. We will be able to offer our clients and carriers higher volume and larger markets on the outstanding platform that RT Specialty has built. It is the right move for our company and our clients and will open new opportunities for us all.”
Terms of the transaction were not disclosed.