Ryan Specialty Group announced that Tom Clark, chief executive officer of RSG Underwriting Managers, Ryan Specialty’s underwriting management specialty, will resign from his position effective September 30, 2021, after only six months with the firm.
“It is unfortunate that I have to unexpectedly step away from my role at Ryan Specialty due to a private personal matter,” Clark stated in the announcement from the broker. “However, I am extremely thankful for the opportunity to have worked with such a fine team, and I regret that I will not be able to remain a part of this incredible organization.”
Clark joined RSG on March 1, 2021 as executive vice president. He had been president of Nationwide E&S / Specialty since 2015.
The specialty insurance broker said that Nick Cortezi, chairman, and Miles Wuller, president, will continue in their respective roles at Ryan Specialty’s underwriting management specialty.
Cortezi was previously both chairman and chief executive officer of RSG Underwriting Managers. He joined RSG with RSG’s acquisition of competitor All Risks. Wuller was previously executive vice president of RSG Underwriting Managers.
Mike Rice, former CEO at RSG Underwriting Managers, retired at the end of last year.
“Tom Clark is one of our industry’s leading professionals, and it is truly unfortunate that his tenure with us is ending so prematurely. We wish Tom the very best and respect his very difficult decision as is right for his family and him,” remarked Patrick G. Ryan, founder, chairman and CEO of Ryan Specialty.
Ryan Specialty Group Holdings completed its initial public offering on July 26, raising $1.34 billion. Its results for the second quarter included 58.3% growth in total revenue year-over-year to $390.0 million, compared to $246.3 million in the prior-year period.
In reporting its second quarter results, Ryan touted “significant progress in the quarter” in all facets of the business due to momentum “primarily driven by new client wins, expanded relationships with existing clients and premium rate increases.”
Ryan noted that during the second quarter, the firm furthered the integration of its acquisition of All Risks and the “impact of that acquisition continues to resonate in the marketplace.”
He said the firm continues to benefit from “retail broker consolidation, further consolidation of wholesale broker panels, and a rapidly growing E&S market.”
The company recently reported that is suffered a data breach in April.
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