Ryan Direct Group bought by Towergate-backers

Sale spelled out on keyboard

Ryan Specialty Group has confirmed the sale of Ryan Direct Group (RDG) to Nevada Investments an investment vehicle backed by Towergate owners HPS Investment Partners and Madison Dearborn Partners.

The takeover was first revealed by Insurance Age earlier this month.

The terms of the deal for RDG, a provider of insurance distribution and claims handling services, have not been revealed and it remains subject to regulatory approval.

The senior leadership team of RDG, including CEO Der