Ryan Specialty Group and Nationwide form Bermuda reinsurer Geneva Re

Ryan Specialty Group (RSG) has partnered with Ohio-based insurer and Fortune 100 company Nationwide to create a new reinsurance company based in Bermuda, Geneva Re.

Both RSG and Nationwide aim to grow in the specialty lines market through this joint venture.

Ownership of the new reinsurer is split 50-50, with 50 percent owned by Nationwide and RSG and its investors owning the other 50 percent.

Mike O’Halleran, 40-year re/insurance veteran and former executive chairman and founder of Aon Benfield, has been appointed as executive chairman of Geneva Re.

RSG reinsurance subsidiary Ryan Re, led by CEO and President Brian Boornazian. will act as the exclusive underwriting manager for Geneva Re.

“We are proud and excited to partner with Nationwide, a world-class financial institution whose financial ratings and performance are unquestionable," said Patrick Ryan, founder, chairman and CEO of RSG. "We also share a similar culture, which is critical to entering into a long-term relationship. RSG and its operating companies, RT Specialty and RSG Underwriting Managers, look forward to expanding the already successful relationship we have enjoyed with the Nationwide companies since our inception in 2010, and further enhancing this partnership with Geneva Re and Ryan Re. It has been our goal since RSG’s formation to more fully align our interest with our clients. Through Geneva Re, we will be able to accomplish this objective.”