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Wholesaler and underwriting manager Ryan Specialty Group L.L.C. has formed RyanRe Underwriting Managers, a reinsurance managing general underwriter.
RyanRe will write treaty and facultative reinsurance with a focus on property, casualty and professional liability, Ryan Specialty Group said Thursday in a statement.
Industry veteran Michael D. O’Halleran, who retired last year from Aon Benfield, will be Ryan Re’s executive chairman, based in Chicago.
Brian Boornazian, who earlier this year left Aspen Re, the reinsurance unit of Aspen Insurance Holdings Ltd., where he was chairman of the reinsurance segment and CEO of Aspen Re, Americas, will be Ryan Re’s president and CEO, according to the statement. He will be based in the Hartford, Connecticut, area.
“A reinsurance managing general underwriter is a natural evolution for RSG and expands our strategic underwriting management direction,” Patrick G. Ryan, founder, chairman and CEO of Chicago-based Ryan Specialty Group, said in the statement.
Aon Benfield said Tuesday that veteran executive Michael O’Halleran, 66, will retire as of May 1 after 37 years with the reinsurance broker.