Patrick Ryan, founder and former executive chairman of Aon Corp, has launched Ryan Specialty Group (RSG), with a strategy to develop managing general underwriters (MGUs) and managing general agents (MGAs), wholesale brokers and a service platform for agents and brokers.
RSG, which will offer specialty services to insurance brokers, agents and carriers, will not include retail brokerage, reinsurance brokerage or human resource consulting.
The company’s first subsidiary ThinkRisk, which was announced in December, is based in Kansas City. It will address new market needs by providing underwriting and claims management services in an evolving marketplace, media, technology, advertising, privacy and network security. Mr. Ryan serves as chairman of ThinkRisk and the company is led by CEO Leib Dodell.
RSG has announced its second subsidiary Ryan Specialty (Europe), a UK-based managing general underwriting agency that specializes in financial lines products, including directors and officers, financial institution and professional liability (or indemnity) products.
Ryan Specialty Group has also appointed Timothy Turner to its management team. He has nearly 25 years of experience in the insurance business with various leadership roles in the wholesale brokerage space.
Pat Ryan, chairman and CEO of Ryan Specialty Group, said: 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.