– Pat Ryan, Founder, Chairman and Chief
Executive Officer, to become Executive Chairman
– Tim Turner, President of Ryan Specialty and
Chairman and CEO of RT Specialty, to become Chief Executive
Officer
– Jeremiah Bickham, Chief Financial Officer, to
become President of Ryan Specialty
– Janice Hamilton, Chief Accounting Officer, to
become Chief Financial Officer
Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty” or
the “Company”), a leading international specialty insurance firm,
today announced that its Board of Directors has unanimously
approved a leadership succession plan to be implemented on October
1, 2024. Under the plan, Patrick G. Ryan, the Company’s Founder,
Chairman, and Chief Executive Officer, will transition to the role
of Executive Chairman, and Timothy W. Turner, President of Ryan
Specialty and Chairman and CEO of Ryan Turner Specialty (“RT
Specialty"), will become Chief Executive Officer. The succession
plan also includes the appointment of Jeremiah R. Bickham, Chief
Financial Officer, as President, and Janice M. Hamilton, Chief
Accounting Officer, as Chief Financial Officer.
Each of these members of the Company’s leadership team has
extensive experience in the insurance industry and at Ryan
Specialty:
- Mr. Turner has more than 37 years of leadership, expertise, and
service within the insurance industry. He joined Ryan Specialty in
2010, creating and developing RT Specialty into one of the top
wholesale distributors of specialty insurance solutions in the
country. He will also continue to serve on the Company’s Board of
Directors.
- Mr. Bickham has extensive financial and operational expertise
and has served in various roles at the Company since joining in
2011, including Treasurer and Head of Corporate Development.
- Ms. Hamilton has more than 20 years of experience in both the
U.S. and international insurance markets and previously served as
CFO for AmTrust International. She has been with Ryan Specialty for
over six years, serving as both Chief Accounting Officer and
formerly as Controller.
- Mr. Ryan is a preeminent and renowned leader in the insurance
industry globally. After founding and establishing Aon Corporation
as a worldwide insurance and human capital consulting leader, he
formed Ryan Specialty in 2010 on the thesis that the specialty
insurance market would become more significant as the world
continued to increase in complexity and risk. Since then, Mr. Ryan
has overseen nearly 15 years of outstanding performance, with Ryan
Specialty now established as an industry leader in wholesale
brokerage and underwriting management in the expanding specialty
insurance space.
“Over the last several years, we have achieved remarkable
financial and operational success and taken significant action to
position Ryan Specialty for sustainable and profitable growth,”
said Mr. Ryan. “With clear positive momentum underway and a deep
roster of proven leaders, now is the right time to implement this
carefully planned leadership succession. 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.”
Mr. Ryan continued, “Tim, Jeremiah, and Janice are all
exceptional leaders with significant industry expertise, and their
appointments reflect the depth of talent we have deliberately built
at Ryan Specialty. 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.”
“We are delighted to have Tim serve as Ryan Specialty’s next
CEO. He is an insurance industry veteran who has been integral to
the formation and development of Ryan Specialty, building and
growing our business into a market leader,” said D. Cameron
Findlay, Lead Director of the Board. “Attracting and developing top
talent has been central to Pat’s vision for the Company and our
long-term success. Today’s announcement reflects the world-class
team of executives we have assembled under Pat’s leadership, as
well as the Board’s considered and comprehensive approach to
succession planning. We have deep confidence in these leaders and
our path forward.”
“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,” said Mr. Turner. “Pat
is a pioneer in the insurance industry, and it has been a privilege
to work alongside him and learn from his leadership. Pat’s
commitment to innovation, execution, and providing exceptional
outcomes for clients and trading partners is second to none. Under
his leadership, Ryan Specialty has grown into an extraordinary
company with a dynamic and differentiated business model. I am
excited to continue to partner with Pat, our leadership team, and
all our employees as we continue to execute on the strategy we have
built and drive continued growth for years to come.”
About Tim Turner
Tim Turner is President of Ryan Specialty, Chairman & CEO of
RT Specialty, Ryan Specialty’s wholesale brokerage division, and a
member of Ryan Specialty’s Board of Directors. He has had an
extraordinary 37+ year career providing leadership, expertise, and
service within the insurance industry. Mr. Turner joined Ryan
Specialty in 2010 to create and develop RT Specialty. Under his
strategic leadership, RT Specialty is now one of the top wholesale
distributors of specialty insurance in the country and known for
its exceptional talent, expertise, and outstanding client
service.
Prior to joining Ryan Specialty in 2010, Mr. Turner was the
President of CRC Insurance Services, Inc., one of the largest
wholesale insurance brokers in the U.S. at the time. He joined the
Crump Group in 1990 as a casualty broker and was named President of
the Chicago office. Mr. Turner began his insurance career as a
casualty broker with A.J. Renner & Associates in 1987. He holds
a Bachelor of Science degree in criminal justice from Madonna
University and is a member of the university’s board of
trustees.
About Jeremiah Bickham
Jeremiah Bickham has served as Chief Financial Officer at Ryan
Specialty since 2021. Prior to becoming CFO, he was Treasurer of
Ryan Specialty for nearly six years and was also head of Corporate
Development. Mr. Bickham joined the Company in 2011 and was
instrumental in the creation of Ryan Specialty’s Treasury
department. He has been involved in the firm’s merger and
acquisition activity since 2011 and led that function from 2018
through 2021.
Prior to joining Ryan Specialty, Mr. Bickham worked at KPMG, LLP
as a research analyst in their Department of Professional Practice
in New York City and later worked for the audit practice in Dallas,
Texas. Mr. Bickham holds an MBA from the Kellogg School of
Management at Northwestern University. Additionally, he earned a
Master of Professional Accounting and a Bachelor of Business
Administration from the University of Texas at Austin. Mr. Bickham
also is a Certified Public Accountant.
About Janice Hamilton
Janice Hamilton has served as Chief Accounting Officer for Ryan
Specialty since 2021 and was the Company’s Controller from 2018 to
2022. Ms. Hamilton brings over 20 years of experience in both the
U.S. and international insurance markets.
Prior to joining Ryan Specialty, Ms. Hamilton was based in
London serving as the Chief Financial Officer for AmTrust
International, the non-U.S. operations of AmTrust Financial
Services Inc. She previously held positions as CFO of ANV and as
Controller and then Finance Director for Jubilee Group Holdings, a
previous subsidiary of Ryan Specialty. Ms. Hamilton began her
career with EY in Chicago, providing audit services to insurance
sector companies like Aon. Ms. Hamilton received her Bachelor of
Science in Finance from Miami University in Ohio and her MS in
Accounting at the University of Virginia. She is a licensed
Certified Public Accountant in the State of Illinois.
About Ryan Specialty
Founded in 2010, Ryan Specialty is a service provider of
specialty products and solutions for insurance brokers, agents and
carriers. Ryan Specialty provides distribution, underwriting,
product development, administration, and risk management services
by acting as a wholesale broker and a managing underwriter with
delegated authority from insurance carriers. Our mission is to
provide industry-leading innovative specialty insurance solutions
for insurance brokers, agents and carriers. Learn more at
ryanspecialty.com.
Forward-Looking Statements
All statements in this release that are not historical are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve substantial
risks and uncertainties. For example, all statements the Company
makes relating to the expected results of the leadership succession
plan, the Company’s prospects, plans and objectives for future
operations, growth initiatives, or strategies are forward-looking
statements. Words such as “expect,” “plan,” “intend,” “believe,”
“may,” “will,” “should,” “can have,” “likely” and variations of
such words and similar expressions are intended to identify such
forward-looking statements. All forward-looking statements are
subject to risks and uncertainties, known and unknown, that may
cause actual results to differ materially from those that the
Company expected. Specific factors that could cause such a
difference include, but are not limited to, negative reaction of
our investors, our clients, our brokers, our suppliers, or our
employees to the leadership transition; market volatility of our
common stock as a result of the leadership transition; the risk
that the leadership transition may not provide the results that the
Company expects, and other risks disclosed previously in the
Company’s filings with the Securities and Exchange Commission
(“SEC”). Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. Given these
factors, as well as other variables that may affect the Company’s
operating results, you are cautioned not to place undue reliance on
these forward-looking statements. The forward-looking statements
included in this press release relate only to events as of the date
hereof. The Company does not undertake, and expressly disclaims,
any duty or obligation to update publicly any forward-looking
statement after the date of this release, whether as a result of
new information, future events, changes in assumptions, or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240701213457/en/
Media Relations Alice Phillips Topping SVP, Chief
Marketing & Communications Officer Ryan Specialty
Alice.Topping@ryanspecialty.com Phone: +1 (312) 635-5976
Investor Relations Nicholas Mezick Director, Investor
Relations Ryan Specialty IR@ryanspecialty.com Phone: +1 (312)
784-6152
Ryan Specialty (NYSE:RYAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ryan Specialty (NYSE:RYAN)
Historical Stock Chart
From Jul 2023 to Jul 2024