For Timothy W. Turner (pictured), Ryan Specialty’s rise to become a strong player in the insurance market is the result of nearly 15 years of hard work and dedication.

As he prepares to take the reins as CEO later this year, Turner said his strategy is centered around building on that success and executing on founder Patrick J. Ryan’s “original game plan.”

“Our plan is to execute Pat’s vision and original game plan, with a focus on strong acquisitions, and developing talent in all 50 states and internationally,” Turner said. Insurance business.

Leadership changes at Ryan Specialty

Earlier this month, Ryan Specialty announced significant changes to its leadership lineup, with Turner being named CEO of Ryan Specialty. Ryan, who currently serves as chairman and CEO of Ryan Specialty, will transition to the role of CEO.

“Pat believed this was the right time for these promotions and changes,” said Turner, who confirmed that Ryan would continue to play a pivotal role in the organization.

Effective October 1, 2024, Edward McCormack will assume the role of CEO of RT Specialty, the wholesale brokerage division of Ryan Specialty. He previously served as President of RT Specialty since 2016.

To support McCormack in his new role, Brenda Ostenfeld and Michael Van Acker have been appointed Co-Presidents of RT Specialty.

Turner stressed that the recent promotions are not intended to change the company’s course, but rather to ensure it is ready to handle the next phase of its journey.

The new CEO noted that the decision to appoint co-chairs also aims to give the company’s markets and customers more touch points and service centers.

“The promotions allow us to take on more responsibility and strengthen our team,” Turner said. “Ultimately, the goal is to be more effective in managing this significant growth.”

The next phase of Ryan Specialized

Turner is also focused on building on the strong relationships Ryan Specialty has built with stakeholders, customers and transportation partners over the years. He sees these relationships as a key component of the company’s success and plans to continue nurturing them as the company grows.

“We have a multi-faceted brokerage platform with brokerage and underwriting capabilities. It is a unique plan, and we believe we can grow it meaningfully, creating more depth, breadth and more effective services for our clients.”

Finally, Turner intends to improve the relationship between retail agents and Ryan Specialty’s clients.

“We will continue to focus fully on our retail agents and customers and deliver industry-leading performance and solutions,” he said.

In the second quarter of 2024, Ryan Specialty reported strong organic growth, including an 18.8% increase in revenue to $695.4 million, compared to $585.1 million in the same period last year. Its net income increased 40.8% year-over-year to $118.0 million, up from $83.8 million in the same period last year, primarily due to stronger revenue growth.

Ryan Specialty’s acquisition of US Assure, a leading provider of construction risk insurance for small and medium-sized businesses, for $1.075 billion was highlighted in its second-quarter 2024 results.

Commenting on the deal and Ryan Specialty’s financial performance, Turner said: “This transaction meets all of our M&A criteria – strong cultural fit, strategic fit and profitable fit – and is in line with our mission of providing industry-leading, innovative solutions to insurance brokers, agents and underwriters.

“With the clear positive momentum and deep roster of trusted leaders, I am even more energized about our recently announced succession plan. As we look ahead to the rest of 2024 and beyond, I remain incredibly optimistic about the long-term future of Ryan Specialty with Tim Turner taking the reins as CEO in October.”

Honoring the Founder’s Legacy

According to Turner, Ryan’s legacy remains intact as he transitions to a different role within the company. Ryan’s strategic vision and ability to recruit, train and develop talent have been key to the company’s success.

Even as he retires from day-to-day operations, Ryan’s influence will continue to shape the company’s future.

“He will forever be known as one of the greatest visionaries, leaders and builders in the insurance industry,” Turner said.

“He’s not going anywhere. He’s very committed, you know, he’s the head coach of Ryan Specialty.”

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