Towergate backers confirm Ryan Direct deal

Ryan Specialty Group has agreed a deal with private equity firms
Madison Dearborn Partners (MDP) and HPS Investment Partners for its
UK insurance services and claims management business Ryan Direct
Group (RDG).
The announcement today confirms earlier reports that the
Chicago-based company was closing in on a sale after it was
understood Ryan Specialty chairman and CEO Pat Ryan decided the
operation was non-core.
RDG will be acquired by Nevada Investments, a holding company
for HPS Investment Par