By Mary Ellen Podmolik | Four months after leading a failed bid to snag the 2016 Olympics for Chicago, Patrick Ryan is getting back into the insurance business.
Former Aon CEO Patrick Ryan is starting his own specialty insurance firm. (Alex Garcia/Chicago Tribune) >>
The founder and retired chairman and chief executive of Aon Corp. announced Tuesday the formation of Ryan Specialty Group, which will offer specialty services to insurance brokers, agents and carriers. The company will not delve into retail brokerage or reinsurance brokerage or human resources consulting.
The company’s first subsidiary, ThinkRisk, based in Kansas City, will provide underwriting and claims management serfvices in media, technology, advertising, privacy and network security. Ryan serves as chairman of ThinkRisk, whose formation was announced in December.
Its second subsidiary, announced Tuesday, is Ryan Specialty (Europe) Limited, a wholly-owned subsidiary that will function as a managing general underwriting agency for financial lines products such as directors and officers, financial institution and professional liability insurance products.
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