2 July 2024news

Ryan Specialty to implement leadership succession plan

Ryan Specialty Holdings’ board of directors has approved a leadership succession plan to be implemented on October 1, 2024. Under the plan, Patrick G. Ryan, the company’s founder, chairman, and chief executive, will transition to the role of executive chairman, and Timothy Turner, president of Ryan Specialty and chairman and chief executive of Ryan Turner Specialty (RT Specialty), will become chief executive. 

The succession plan also includes the appointment of Jeremiah Bickham, chief financial officer, as president, and Janice Hamilton, chief accounting officer, as chief financial officer.

Each of these members of the company’s leadership team has extensive experience in the insurance industry and at Ryan Specialty:

• Turner has more than 37 years of leadership, expertise, and service within the insurance industry. He joined Ryan Specialty in 2010, creating and developing RT Specialty into one of the top wholesale distributors of specialty insurance solutions in the country. He will also continue to serve on the company’s board of directors.

• Bickham has extensive financial and operational expertise and has served in various roles at the company since joining in 2011, including treasurer and head of corporate development.

• Hamilton has more than 20 years of experience in both the US and international insurance markets and previously served as CFO for AmTrust International. She has been with Ryan Specialty for over six years, serving as both chief accounting officer and formerly as controller.

• After founding and establishing Aon Corporation as a worldwide insurance and human capital consulting leader, Ryan formed Ryan Specialty in 2010 on the thesis that the specialty insurance market would become more significant as the world continued to increase in complexity and risk. Since then, Ryan has overseen nearly 15 years of performance, with Ryan Specialty now established as an industry leader in wholesale brokerage and underwriting management in the expanding specialty insurance space.

“Over the last several years, we have achieved remarkable financial and operational success and taken significant action to position Ryan Specialty for sustainable and profitable growth,” said Ryan. “With clear positive momentum underway and a deep roster of proven leaders, now is the right time to implement this carefully planned leadership succession. Tim joined me at Ryan Specialty at its founding in 2010 and has been an invaluable and integral partner in our success to date, marked by our ambitious M&A strategy, commitment to constant innovation, and ongoing investment in talent. The board and I believe he is the right leader to guide Ryan Specialty in its next chapter and expect this will be a seamless transition.”

Ryan continued, “Tim, Jeremiah, and Janice are all exceptional leaders with significant industry expertise, and their appointments reflect the depth of talent we have deliberately built at Ryan Specialty. When I assume the role of executive chairman, I look forward to continuing as an active member of the company’s executive team, working alongside the Board and our strong leadership to build on our track record of outstanding service to clients and trading partners and to generate additional value for shareholders.”

“We are delighted to have Tim serve as Ryan Specialty’s next CEO. He is an insurance industry veteran who has been integral to the formation and development of Ryan Specialty, building and growing our business into a market leader,” said D. Cameron Findlay, Lead Director of the Board. “Attracting and developing top talent has been central to Pat’s vision for the Company and our long-term success. Today’s announcement reflects the world-class team of executives we have assembled under Pat’s leadership, as well as the Board’s considered and comprehensive approach to succession planning. We have deep confidence in these leaders and our path forward.”

“I am honoured to serve as Ryan Specialty’s next CEO and lead our talented team in delivering value for our clients, trading partners, and ultimately our shareholders,” said Turner. “Pat is a pioneer in the insurance industry, and it has been a privilege to work alongside him and learn from his leadership. Pat’s commitment to innovation, execution, and providing exceptional outcomes for clients and trading partners is second to none. Under his leadership, Ryan Specialty has grown into an extraordinary company with a dynamic and differentiated business model. I am excited to continue to partner with Pat, our leadership team, and all our employees as we continue to execute on the strategy we have built and drive continued growth for years to come.”

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