For Timothy W. Turner (pictured), Ryan Specialty’s rise to become a strong player in the insurance market is the fruit of nearly 15 years of hard work and dedication.
As he prepares to take the reins as chief executive later this year, Turner said his strategy is geared around building on that success and executing founder Patrick G. Ryan’s “original game plan.”
“Our plan is to execute Pat’s vision and original game plan, focusing on strong acquisition, and talent development across all 50 states and internationally,” Turner told Insurance Business.
Earlier this month, Ryan Specialty announced significant changes to its leadership lineup, following Turner’s appointment as CEO of Ryan Specialty. Ryan, who serves as chairman and CEO of Ryan Specialty, will transition to the role of executive chairman.
“Pat believed it was the right time for these promotions and changes,” said Turner, who emphasized that Ryan would continue to play a pivotal role in the organization.
Effective October 1, 2024, Edward McCormack will take over as chief executive of RT Specialty, Ryan Specialty’s wholesale brokerage division. He had previously served as president of RT Specialty since 2016.
Supporting McCormack in his new position, Brenda Austenfeld and Michael Van Acker have been appointed co-presidents of RT Specialty.
Turner emphasized that the recent promotions are not about altering the course of the company but rather about ensuring it is well-equipped to handle the next phase of its journey.
The decision to have co-presidents is also aimed at giving the company’s markets and customers more touchpoints and service centers, the incoming CEO noted.
“The promotions allow us to take on more responsibilities and to strengthen our bench. Ultimately, the goal is to be more effective in managing this significant growth,” Turner said.
Turner is also focused on building upon the strong relationships that Ryan Specialty has cultivated with stakeholders, clients, and carrier partners over the years. He sees these relationships as a critical component of the company’s success and plans to continue nurturing them as the company grows.
“We have a multi-faceted intermediary platform with broking and underwriting capabilities. It’s a unique plan, and we believe we can grow it meaningfully, creating more depth, breadth, and more effective services for our customers.”
Finally, Turner is intent on improving relationships among Ryan Specialty’s retail broker agents and clients.
“We’re going to continue to stay laser-focused on our retail broker agents and clients and delivering industry-leading performance and solutions,” he said.
In the second quarter of 2024, Ryan Specialty reported solid organic growth, including an 18.8% increase in revenue at $695.4 million, compared to $585.1 million in the same period last year. Its net income surged by 40.8% year-over-year to $118.0 million, up from $83.8 million in the prior-year period and primarily due to stronger revenue growth.
Ryan Specialty’s acquisition of US Assure, a leading program specializing in the SME segment of builder’s risk insurance, for $1.075 billion, was highlighted in its Q2 2024 results.
Turner commented on the deal and Ryan Specialty’s financial performance: “This transaction meets all our M&A criteria – a strong cultural fit, strategic, and accretive – and aligns with our mission of providing innovative industry-leading solutions for insurance brokers, agents, and carriers.
“With clear positive momentum underway and a deep roster of proven leaders, I am further energized about our recently announced succession plan. As we look toward the remainder of 2024 and beyond, I remain incredibly optimistic about the long-term future of Ryan Specialty as Tim Turner takes the helm as CEO in October.”
As Ryan transitions into a different role within the company, his legacy remains firmly intact, according to Turner. Ryan’s strategic insight and ability to recruit, train, and develop talent have been key to the company’s success.
Even as he steps back from day-to-day operations, Ryan’s influence will continue to shape the future of the firm.
“He’ll be forever known as one of the greatest visionaries and the greatest leaders and builders in the insurance industry,” Turner said.
“He’s not going anywhere. He’s very, very engaged and you know, he is the head coach of Ryan Specialty.”
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