Ryan Specialty names new CEO with Patrick Ryan to change roles

Ryan Specialty names new CEO with Patrick Ryan to change roles | Insurance Business America

Insurance News

Ryan Specialty names new CEO with Patrick Ryan to change roles

One of the biggest names in the industry is stepping aside

Insurance News

By
Kenneth Araullo

Ryan Specialty has announced its board of directors has unanimously approved a leadership succession plan effective October 1, 2024.

Under the plan, Patrick G Ryan (pictured), the company’s founder, chairman, and chief executive officer, will transition to the role of executive chairman. Timothy W Turner, currently the president of Ryan Specialty and chairman and CEO of Ryan Turner Specialty, will become chief executive officer. Turner joined Ryan Specialty in 2010 and has over 37 years of industry experience. He has helped develop RT Specialty into a top wholesale distributor of specialty insurance solutions in the US. Turner will also continue to serve on the board of directors.

Jeremiah R Bickham, chief financial officer, will be appointed as president, and Janice M Hamilton, chief accounting officer, will assume the role of chief financial officer.

Bickham has significant financial and operational expertise, having served in various roles since joining the company in 2011, including Treasurer and Head of Corporate Development.

Hamilton, meanwhile, has over 20 years of experience in both the US and international insurance markets. She has been with Ryan Specialty for over six years, serving as chief accounting officer and previously as controller. Before that, she was CFO for AmTrust International.

In a statement, Ryan highlighted the company’s operational success over the last several years, noting that significant actions have positioned Ryan Specialty for sustainable growth.

“With clear positive momentum underway and a deep roster of proven leaders, now is the right time to implement this carefully planned leadership succession,” he said. “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 also expressed confidence in the new leadership team, stating that Turner, Bickham, and Hamilton were all exceptional leaders with significant industry expertise.

“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,” Ryan said.

Turner added: “I am honored 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.”

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