Ryan Specialty LLC, a Chicago-based specialty insurance firm, has expanded its presence into the Michigan market through the acquisition of JM Wilson Corp., a 105-year-old insurance broker based in Portage. The acquisition, expected to close in the third quarter, marks Ryan Specialty’s first physical presence in Michigan.
JM Wilson specializes in the transportation industry and operates six offices across the United States, generating approximately $19 million in operating revenue for the 12 months ending January 31, 2025. The terms of the deal were not disclosed. Investment bank Philo Smith & Co. served as financial adviser to JM Wilson.
In addition to the acquisition, Ryan Specialty has opened a new office in Livonia, further establishing its foothold in the Detroit area. Ed McCormack, CEO of RT Specialty, a subsidiary of Ryan Specialty, noted that while the company has served Michigan clients remotely for some time, the new office and acquisition represent a significant commitment to the local market.
“We’ve been doing business in Michigan for a long time, but we’ve been doing it from remote outposts. This is our first time actually planting a stake in the ground in Michigan,” McCormack explained. The decision to establish a physical presence in Michigan was driven by the state’s economic revival, particularly in Detroit, and the availability of top talent who are choosing to stay in the region.
David Wilson, third-generation president of JM Wilson, expressed enthusiasm about joining the Ryan Specialty family, citing shared values and a commitment to developing top talent. McCormack described JM Wilson as “very well respected in the industry” with a strong underwriting track record and client-focused approach.
This acquisition is part of Ryan Specialty Holdings Inc.’s (NYSE: RYAN) ongoing expansion strategy. The parent company has been actively pursuing mergers and acquisitions, having closed six deals in 2024 and boasting a “robust” M&A pipeline. Ryan Specialty Holdings generated $690.1 million in total revenue for the first quarter of 2025.
McCormack emphasized that future acquisitions in Michigan would need to be strategic and align with the company’s interests in specific product lines and high-quality brokerage firms. The move into Michigan reflects Ryan Specialty’s broader strategy to tap into local talent pools and participate in regional economic growth.
