Ryan Specialty launches reinsurance MGU under Aon, Aspen veterans
Ryan Specialty Group (RSG), a specialty insurance services business based in Chicago, has launched a new reinsurance managing general underwriter (MGU), its first foray into reinsurance.
RyanRe Underwriting Managers will work through reinsurance brokers to underwrite treaty and facultative reinsurance, and focus on property, casualty and professional liability.
The MGU will be led by executive chairman Michael O’Halleran, along with the CEO and president Brian Boornazian.
O’Halleran has spent his entire career in the reinsurance sector, most of which was spent building Aon Benfield, a reinsurance intermediary he founded in 1987 and from which he recently retired.
Boornazian has been in the reinsurance business for over 35 years and was most recently at Aspen Re where he was chairman. Having started at Aspen Re in 2004, Boornazian was instrumental in the company’s growth and expansion in the US and globally.
“We are thrilled to add Mike and Brian to the RSG family," said Patrick Ryan, founder, chairman and CEO of Ryan Specialty Group. "A reinsurance managing general underwriter is a natural evolution for RSG and expands our strategic underwriting management direction. With RyanRe, we will be able to bring new reinsurance solutions to our agents and brokers.”
O’Halleran added: “I'm thrilled to join with Pat and Brian to create a dynamic diversified underwriting company that will bring creative solutions to our brokers and clients.”
Boornazian commented: “The opportunity to team with Pat and Mike while utilizing the vast and innovative resources of RSG offers a truly unique opportunity to provide high quality, tailored reinsurance solutions to our broker partners and their clients.”
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