Ryan Specialty Holdings has announced key promotions within its wholesale brokerage division, Ryan Turner Specialty (RT Specialty). Effective October 1, the leadership changes signify ongoing growth, the firm stated.
Edward F. McCormack (pictured), who has been with RT Specialty since its inception in 2010, will step into the role of chief executive. He previously held the positions of president, chief operating officer, and general counsel.
To serve as co-presidents of RT Specialty are Brenda (Ballard) Austenfeld and Michael T. VanAcker. Austenfeld, currently CEO and president of RT National Property, will maintain her existing responsibilities while taking on the co-president role.
With over three decades of experience in the insurance industry, Austenfeld sits on the boards of the Wholesale & Specialty Insurance Association and the Council of Insurance Agents & Brokers.
VanAcker, currently executive vice president of RT Specialty, has a career that has spanned from his early days at PwC to joining Ryan Specialty in 2011. His previous roles include chief operating officer of both RT Specialty and Ryan Specialty, as well as controller for RT Specialty.
The promotions coincide with Ryan Specialty’s broader leadership succession plan, also taking effect on October 1. Patrick G. Ryan, founder, chair, and CEO of Ryan Specialty, will transition to the role of executive chairman.
Timothy W. Turner, president of Ryan Specialty and chairman and CEO of RT Specialty, will become CEO of Ryan Specialty while retaining his chairmanship at RT Specialty.
Turner had this to say about the additional appointments: “I’m very excited about these well-earned promotions. All of these individuals are proven strategic leaders, have more than a decade of experience in senior positions within RT Specialty, and enjoy excellent relationships with clients, carrier trading partners, the larger insurance industry, and the entire RT Specialty team.
“Ed and I have worked alongside each other since the inception of RT Specialty, and he is a very strategic, thoughtful leader who is well positioned to be an excellent CEO. Along with Marissa Moscowitz as chief operating officer, this exceptional executive team will continue to lead RT Specialty forward in delivering exceptional service and outstanding outcomes for our clients and carrier trading partners.”
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