Ryan Specialty’s Wuller: Delegated authority services ~40% of E&S market

Miles Wuller, president and CEO of Ryan Specialty Underwriting Managers, has said that the growing synergies between MGAs and the E&S market are driving significant industry shifts.

Speaking to The Insurer TV, Wuller said: “Delegated authority now services 14 percent of the US commercial P&C market and almost 40 percent of the E&S market.

“There's real permanence to underwriting services,” he added, highlighting how the structural changes have transformed the industry.

Wuller pointed to the challenging nature of E&S products as a catalyst for the deep collaboration between MGAs and the E&S market.

"A lot of the toughest products end up in the E&S space, which drives innovation," he explained. Ryan Specialty’s approach of aligning MGUs with wholesale distribution channels is an essential part of staying ahead in a competitive market, according to Wuller.

He added that the company’s careful approach to M&A has also paid off.

“We’ve been patient acquirers. Prices weren't right for a while, but now we’re seeing great opportunities,” Wuller noted. Ryan Specialty prioritises working with innovators and builders who understand their fiduciary duty to carriers, he continued.

Talent is another key factor in Ryan Specialty’s success. "People want deeper alignment with their P&L," Wuller said, explaining the “mass migration” of talent into the MGA space. “We give people the tools to increase their market share.”

As for future growth, Wuller emphasised the company’s diverse portfolio approach. "We’ve expanded from wholesale programs and MGAs into areas like health and benefits, captive management, and alternative risk practices," he explained.

Wuller closed by stressing the importance of carrier relationships. "This is not just a sales pitch. We're bringing technical resources like actuaries and cat modellers to the table," he said, pointing to Ryan Specialty’s proven track record, including the success of Geneva Re, launched five years ago.

Watch the five-minute interview with Ryan Specialty’s Miles Wuller to hear more about how MGAs are playing a role in developing the E&S market and why it’s a hot area for attracting talent.