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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.
As reported by Insurance Journal, 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. Mr. Ryan has put together RSG in both the US and United Kingdom and has put together some of the best talent. It is like a who's who in the insurance industry:
Leib Dobel was president and CEO of Media/ Professional Insurance (a subsidiary of Axis Capital), an underwriter of specialty errors and omissions insurance.
Chad Milton was previously with Marsh and is now executive vice president of ThinkRisk.
Malcolm Nightingale chief underwriting officer, has written business in the U.K., Europe and all over the world during the span of his almost 50 year career.
Adam Barker is the general and underwriting counsel, formerly worked for HCC Global Financial Products in London.
Timothy W. Turner, 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.
Diane Aigotti, as managing director and chief financial officer. Prior to RSG, Aigotti spent almost eight years as a corporate officer at Aon before leaving in the spring of 2008.
Jerry Tegan, who, prior to his retirement March 1, 2009, served as chairman for Agency Specialty Product Network, (ASPN)
Debra McClenahan will oversee the entire MGU/MGA business. From 2004 to 2007, she served as the CEO of Aon Underwriting Managers, where she had operational responsibility for managing the Aon-owned managing general underwriting agencies.
Frank Phillips most recently was president and CEO of Aon's division responsible for all U.S. brokerage in personal lines, small commercial and private risk management.
Michael D. Rice, who has had a career spanning 40 years with Aon Corp. and was most recently executive vice president at Aon, is also now a managing director for RSG.
Sounds like he has put a group together to give Reata Holdings a run for their money. The company said its overall management team has more than 250 years of collective experience; it includes several former Aon executives.
Mr. Ryan built quite the firm with AON and I am sure his new venture will suceed as well. Hopefully he will get me down on the friend and family list to buy stock before he takes it public. He 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.