The founder and retired chairman and CEO of the world’s largest insurance broker, Aon, has revealed the management team and a second subsidiary for his new global specialty insurance operation whose first company was unveiled in December.
Pat Ryan announced the launch of his new company, Ryan Specialty Group (RSG), which will offer specialty services to insurance brokers, agents and carriers. RSG will develop managing general underwriters and managing general agents, wholesale brokers and a service platform for agents and brokers.
RSG said its approach will not include retail brokerage, reinsurance brokerage or human resource consulting.
“We see significant potential within our industry segment and clear opportunity to build a specialty company with meaningful scale,” said Ryan, chairman and CEO of RSG.
The company’s first subsidiary, ThinkRisk, was announced in December and is based in Kansas City. ThinkRisk provides 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. From 2004 through 2009, Dodell was president and CEO of Media/ Professional Insurance (a subsidiary of Axis Capital), an underwriter of specialty errors and omissions insurance.
The former national practice leader at Marsh for media and intellectual property, Chad Milton, is now executive vice president of ThinkRisk.
Now Ryan Specialty Group has 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 and officers, financial institution and professional liability products.
The U.K. company is lead by Malcolm Nightingale. Barker, the general and underwriting counsel, formerly worked for HCC Global Financial Products in London.
Timothy W. Turner is the new RSG managing director. Turner was the president of CRC Insurance Services, Inc., the largest wholesale insurance broker in the U.S. producing over $3 billion in annual premium.
Ryan founded Aon at age 26. Under Ryan’s leadership, the company expanded through organic growth and acquisition, and in 1987 changed its name to Aon Corp., which today operates with more than 500 offices in 120 countries.