Ryan Transactional Risk introduces new insurance coverage for environmental cost overruns

Ryan Transactional Risk has expanded its services to include a new insurance offering to address the potential for environmental remediation cost overruns. The newly introduced product, known as Ryan Transactional Risk Enviro (RTR Enviro), is designed to provide coverage specifically for environmental clean-ups associated with corporate transactions, mergers and acquisitions, and real estate development projects.

The main objective of this insurance product is to mitigate or completely eliminate the risks associated with cost overruns during environmental remediation processes. RTR Enviro adopts a remediation excess policy form paired with a defined-scope agreement to offer protection against any potential cost escalations.

Rich Stansfield, the CEO of Ryan Transactional Risk, emphasized the company’s dedication to innovation, stating that RTR Enviro exemplifies their commitment to delivering cutting-edge products to their clients. He believes that this new offering will significantly set RTR apart in the market and anticipates a positive impact on their clients.

RTR Enviro is now available to brokers and agencies nationwide, marking the company’s initiative to bring this coverage to both a domestic and global audience. The underwriting team for this product, led by RTR Enviro director Cole Russo, underscores the unique position of Ryan Transactional Risk in providing comprehensive environmental cost overrun insurance. Russo emphasized that the product is a groundbreaking revival of Environmental ‘Cost Cap’ insurance, a solution that has been absent from the market for well over a decade.

In recent news, Ryan Specialty announced its acquisition of Michigan-based insurance company JM Wilson, pending regulatory approval. This acquisition will integrate JM Wilson’s operations into the RT Binding Authority specialty division of Ryan Specialty, marking another significant development for the company.

With the introduction of Ryan Transactional Risk Enviro, Ryan Transactional Risk aims to meet the evolving needs of clients and ensure that they are adequately protected against environmental cost overruns. The company’s strategic expansion and commitment to innovation reinforce its position as a leader in the insurance industry.