Global Insurance Leader and Entrepreneur, Patrick G. Ryan, Launches New Business - Ryan Specialty Group
Announces first two subsidiaries: ThinkRisk and Ryan Specialty (Europe) Limited and addition of Timothy W. Turner to the management team
CHICAGO, Feb. 9 /PRNewswire/ -- Today Pat Ryan announced the launch of his new company, Ryan Specialty Group (RSG), a team of top talent that he has convened from across the insurance industry to offer specialty services to insurance brokers, agents and carriers. RSG's strategy is to develop Managing General Underwriters (MGUs) & Managing General Agents (MGAs), Wholesale Brokers and a service platform for agents and brokers. RSG's specialty approach will not include retail brokerage, reinsurance brokerage or human resource consulting.
Ryan Specialty Group Chairman & CEO, Pat Ryan, said, "I'm proud to partner with this extraordinary team in an effort to address a substantial opportunity in the insurance industry. We see significant potential within our industry segment and clear opportunity to build a specialty company with meaningful scale. Ryan Specialty Group has an entrepreneurial culture where we partner with management to address new and emerging needs. RSG is intent on addressing this opportunity with an innovative service platform, outstanding industry talent and targeted capital investment."
The company's first subsidiary, ThinkRisk, was announced in December and is based in Kansas City. ThinkRisk addresses new market needs by providing underwriting and claims management services in an evolving marketplace – media, technology, advertising, privacy and network security. Ryan serves as Chairman of ThinkRisk, and the company is led by CEO Leib Dodell.
On this investment Ryan said, "Today's advancements in technology are changing the way we do business and the way we think about risk. The ThinkRisk team provides innovative solutions to help clients address those risks."
Today Ryan Specialty Group announced its second subsidiary, Ryan Specialty (Europe) Limited – a wholly-owned subsidiary of Ryan Specialty Group. Ryan Specialty (Europe) Ltd. is a U.K.-based Managing General Underwriting Agency specializing in financial lines products, including directors & officers (D&O), financial institution and professional liability (or indemnity) products. The company is lead by industry leaders Malcolm Nightingale and Adam Barker who bring an enormous level of expertise in providing solutions to address these risks. "The creation of Ryan Specialty (Europe) Limited gives RSG an immediate ability to service specialty client needs worldwide. Malcolm and Adam provide tremendous expertise in this area and we're proud to partner with them in this new venture," Ryan said.
Also announced today was the addition of another industry leader, Timothy W. Turner to the RSG management team. Tim joins RSG after nearly 25 years in the insurance business with various leadership roles in the wholesale brokerage space. Ryan commented, "We are very pleased to have Tim Turner, a globally recognized leader in this field, join our team." Tim joins RSG as a Managing Director.
About Patrick G. Ryan
Patrick G. Ryan founded and is the retired Chairman and Chief Executive Officer of Aon Corporation – the world's largest insurance and reinsurance broker. As an entrepreneur, he founded the company at age 26, which has its origin in a small insurance agency. Under Ryan's leadership, the company continued to expand through organic growth and acquisition, and in 1987 changed its name to Aon Corporation, which today operates with more than 500 offices in 120 countries. Most recently, Ryan served as Chairman and Chief Executive Officer of Chicago 2016, where he led the U.S. bid to host the 2016 Olympic and Paralympic Games.
Ryan recently stepped down after 14 years as Chairman of the board of trustees of Northwestern University, where he continues to serve as a trustee. He is also an owner/director of the Chicago Bears Football Club and Chairman of World Sport Chicago. Ryan has received a number of accolades throughout his career. In June, 2009, Ryan was awarded a Doctor of Humane Letters degree from his alma mater, Northwestern University. In 2008, he was elected to the American Academy of Arts & Sciences, one of the nation's oldest and most prestigious honorary societies and independent research centers. He was also inducted into the International Insurance Society Hall of Fame. Ryan has received the Horatio Alger Association of Distinguished Americans Award and the Order of Lincoln Medallion, the highest award granted by the State of Illinois.
About Ryan Specialty Group (RSG)
Ryan Specialty Group (RSG) was founded to create measurable value in the insurance services marketplace. RSG provides specialty services to brokers, agents and carriers across a unique platform. With over 250 years of collective experience, the RSG management team represents some of the highest quality leaders in the insurance industry. By partnering with management teams, leveraging new technology and focusing exclusively on the broker, agent and carrier communities, RSG provides a high quality platform to deliver insurance services.
To learn more, please visit www.ryansg.com.
About ThinkRisk Underwriting Agency, LLC
ThinkRisk is a Managing General Underwriting Agency offering underwriting and claims management services for highly specialized professional liability lines of business, including: media, technology, advertising, privacy and network security. Founded by Leib Dodell, Debra McClenahan, and Chad Milton. ThinkRisk is headquartered in Kansas City, Mo.
To learn more, please visit www.ThinkRiskIns.com.
About Ryan Specialty (Europe) Limited
Ryan Specialty (Europe) Ltd. is a U.K.-based Managing General Underwriting Agency specializing in financial lines products, including directors & officers (D&O), financial institution and professional liability (or indemnity) products. Ryan Specialty (Europe) Ltd. will provide exceptional underwriting and quality service to its clients and brokers. Our operation will use tried and tested consistent underwriting methodology in a variety of market conditions. Ryan Specialty (Europe) Ltd. is lead by industry leaders, Malcolm Nightingale and Adam Barker.
CONTACT: Julie Schaefer 312.399.7614 firstname.lastname@example.org
SOURCE Ryan Specialty Group
Released February 9, 2010