Ryan Specialty Announces the Sale of Certain Assets of Ryan C&S to Nirvana

Transaction

2 minutes

08 July 2026

Company and Transaction Overview

On July 8th, 2026, Ryan Specialty Europe GmbH (“Ryan Specialty Europe”), a subsidiary of Ryan Specialty, LLC (“Ryan Specialty”), announced the signing of a definitive agreement to sell certain assets of Ryan C&S, a division of Ryan Specialty Europe, to Arena NV, owned by Nirvana Underwriting (“Nirvana”).

  • Terms of the transaction have not been disclosed, and the acquisition is expected to close during the second half of 2026, subject to regulatory approvals and customary closing conditions.
  • Brokers and clients will therefore continue to interact with their usual underwriter contacts without disruption to service.

Ryan C&S adds another leading portfolio of high-quality specialty underwriting businesses to Nirvana and expands its geographic footprint into Sweden and offers the potential for further expansion into the Nordics.

Ryan C&S has a long-established presence in the Swedish public procurement insurance market and specialises in underwriting insurance solutions for municipalities and public entities.

  • The business underwrites Municipality Property & Liability, Real Estate Property & Liability, as well as Cyber and Motor solutions.
  • Specialism in underwriting long-term agreement (“LTA”) package solutions for municipalities across Sweden.

Ryan Specialty Europe is part of Ryan Specialty Underwriting Managers (“RSUM”), the specialty underwriting business consisting of 40+ specialty property and casualty managing general underwriters (MGUs).

  • Each MGU provides specialty expertise in distinct challenging market niches, encompassing energy, healthcare, enterprise risk, construction and more.
  • Transacts over $7bn in gross written premium in 2025 across 300+ insurance products.

Nirvana is a UK and European specialty insurance MGA group writing Media, Tech, Cyber, A&H, Life, and Sports.

  • Independently owned and operated by its practice partners, Nirvana executed an MBO and partnership with insurance investor Kabir Chanrai in 2023.
  • Ryan C&S builds on Nirvana’s acquisition of Arena NV from Ryan Specialty in December 2025, and prior merger with UK-based Pulse Insurance.

 

Howden Capital Markets & Advisory Role

HCMA is acting as exclusive financial advisor to Ryan Specialty; key roles and responsibilities include:

  • Providing financial advice and assistance.
  • Creating marketing materials and financial packages.
  • Sourcing and engaging a suitable strategic buyer.
  • Advising on negotiating key transaction terms and conditions, including ultimate deal structure.
  • Managing an organised due diligence process.
  • Providing objective advice and acting as a confidant to Ryan Specialty throughout the process.
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