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CHICAGO—Patrick G. Ryan, founder and former executive chairman of Aon Corp., on Tuesday announced the launch of Ryan Specialty Group, a new Chicago-based holding company of managing general underwriters and managing general agencies.
The new company, which Mr. Ryan said he plans to grow through acquisitions, has no intentions to compete with Aon in the retail brokerage, reinsurance brokerage or human resource consulting space. It also has no plans to directly compete with Aon’s existing managing underwriting businesses, Mr. Ryan said.
Mr. Ryan will serve as chairman and CEO of Ryan Specialty, while Timothy W. Turner, former president of wholesaler CRC Services Inc., has been named a managing director of RSG.
In addition to the launch of the new company, Mr. Ryan announced the formation of Ryan Specialty (Europe) Ltd., a new U.K.-based managing general underwriting agency subsidiary specializing in financial lines products, including directors and officers, financial institution and professional liability products.
Ryan Specialty (Europe) joins RSG’s first subsidiary, ThinkRisk Underwriting Agency L.L.C.
Launched in December by veterans Leib Dodell, Debra McClenahan and Chad Milton, ThinkRisk specializes in errors and omissions insurance coverage for media, technology, advertising, privacy and network security industries.
Mr. Ryan serves as chairman of ThinkRisk, and Mr. Dodell is its CEO.