A Southside insurance company is under new ownership for the first time since it was spun off from Markel in the mid-1990s.
Atlantic Specialty Lines was acquired June 1 by Ryan Specialty Group, in a deal that brings over ASL’s book of business, its nearly 160 employees and seven offices, including its headquarters at 9020 Stony Point Parkway on the Southside.
Terms of the deal were not disclosed.
Seth Johnson, ASL’s COO, will stay with the company following the sale. ASL principal owners Bob Bryant and Marty Kanipe are stepping away from the business as a result of the deal.
ASL, which will change its name to RT Richmond, is a wholesaler, peddling specialty insurance plans to agencies for personal, professional and commercial coverage. It wrote $165 million in premiums last year
ASL originally was formed within Henrico-based insurance giant Markel Corp., where it was known as Markel Services. It eventually was spun off as an independent company.
ASL’s largest office is in Clearwater, Florida. It also has outposts in Naperville, Illinois; Saratoga Springs, New York; Austin, Texas; Philadelphia; and Hammond, Louisiana.
It joins Ryan’s R-T Specialty wholesale brokerage unit. Overall, RSG has more than 2,100 employees in more than 65 offices. It is on pace to handle $8.5 billion in premiums this year.