Pat Ryan (executive)

Last updated

Pat Ryan
20080623 Pat Ryan.jpg
Ryan in 2008
Born1936or1937(age 86–87) [1]
Education Northwestern University (BA)
SpouseShirley Ryan
Children3

Patrick G. Ryan is an American billionaire insurance businessman. He is the founder and retired chairman and CEO of Aon Corporation. [2] [3] In 2010, he founded Ryan Specialty Group (RSG) as a holding company aimed at providing specialty services to insurance brokers, agents and carriers. RSG's first subsidiary, ThinkRisk, began business in December 2009 to provide underwriting and claims management services for media, technology, advertising and network security. [4] [5]

Contents

Ryan was the chairman and CEO of the Chicago 2016 Olympic bid committee and is chairman of World Sport Chicago, an organization that formed out of Chicago's Olympic bid. [5] [6]

Ryan is a philanthropist in Chicago. He is married to Shirley Welsh Ryan, with whom he runs the Patrick G. and Shirley W. Ryan Foundation. [7] He is also a benefactor of the Art Institute of Chicago Building's modern wing addition. [8]

Ryan is a member and former chairman of the board of trustees at Northwestern University, where both major athletic facilities, Welsh-Ryan Arena and Ryan Field, are named after him. Ryan owns a large minority interest in the Chicago Bears. [5] [9] [10] [11]

Early life

Ryan is the son of an Irish-American father who ran a Ford dealership in suburban Milwaukee. [10] Ryan spent his summers shoveling concrete to help build Milwaukee's freeway system. [12] [13] He graduated with a bachelor's degree from Northwestern University's School of Business (now Kellogg School of Management) in 1959 with a degree in Finance and Literature. [1] [12] [14] During his senior year, Ryan earned $8,000 selling personalized scrapbooks to dorm residents, an experience that "kindled his entrepreneurial spirit". [13]

Career

Pat Ryan front-and-center with his Chicago 2016 team Patrick ryan and chicago 2016 team.jpg
Pat Ryan front-and-center with his Chicago 2016 team

After graduating from Northwestern University, Ryan immediately joined Penn Mutual's Chicago office as a life insurance agent. [13] In 1962, he founded the first Finance and Insurance (F&I) department at Dick Fencl Chevrolet in suburban Chicago, selling insurance products on behalf of Continental Casualty Company, now the primary subsidiary of CNA Financial. This move "forever changed how auto dealerships operate" and in 1964, Ryan founded Pat Ryan & Associates, a brokerage and underwriting agency. [10] [12] [13] By 1968, the firm was selling $15 million in premiums a year. Ryan borrowed money to buy a dormant insurance company, enabling him to underwrite the products his company was selling. This move transformed Pat Ryan & Associates into a nationwide business, and in 1971, with $25 million in annual sales, he took the firm public. The stock offering helped raise capital to meet Ryan's long term goal: "diversification from a single line of insurance to multiple insurance products". [13]

In 1976, Ryan changed the firm's name to Ryan Insurance Group and in 1977, he bought the retail brokerage units from Esmark Inc, "expanding into risk management services for commercial and industrial clients". [15] [16] [17] In 1981, Ryan further expanded by purchasing the James S. Kemper agencies. [13]

In 1982, Ryan Insurance Group merged with Combined International, and Ryan became CEO. [11] The company continued to expand through organic growth and acquisitions, and in 1987, Ryan changed Combined's name to Aon Corporation. [5] He was the company's chairman and CEO for 41 years. At Ryan's retirement in 2008, Aon operated with more than 500 offices in 120 countries generating revenues in excess of $7 billion. [16] Aon is the largest reinsurance broker and 2nd largest insurance broker in the world, and a leader in risk management and human capital consulting. [17] [18] [19]

In 2010, Ryan formed Ryan Specialty Group (RSG), a global specialty insurance holding company with offices in North America and Europe. [5] [20] RSG's wholesale operation, RT Specialty, is the 3rd largest wholesale broker in the US. [21] To date, there are 16 underwriting facilities within RSG Underwriting Managers (RSGUM). [22]

Alma mater

Ryan has been a member of Northwestern University's board of trustees for 37 years, 14 of which he was chairman. [5] [23] In 2009, Ryan was inducted into the Northwestern Athletic Hall of Fame. [24] That year, Northwestern also awarded Ryan an honorary doctorate. [25] In 2013, he received the Northwestern Alumni Association Medal of Honor, their highest award, given to alumni who combines superior professional distinction and/or exemplary volunteer service to society, with an outstanding record of service to Northwestern. [5] [26] [27]

Pat Ryan and his wife, Shirley Welsh Ryan, have been donors for many of Northwestern University's facilities and programs, both academic and athletic. Over the years, the couple has supported Northwestern University by funding fellowships for graduate students in nanotechnology and scholarships for low-income students, contributing to the Feinberg School of Medicine's priorities, and endowing chairs. [28] [29] The music and communications building, which opened in 2015, was named after the Ryans for their longtime support of the arts at Northwestern. [30] In 2018, Ryan Fieldhouse was unveiled. [31] [32]

Ryan is a member of the Sigma Chi fraternity. [33] [34]

In 2023, Krissie Harris, a candidate running for Evanston City Council received two $6,000 donations made by individuals connected to Pat Ryan. Evanston's Community Association For Better Government suggested the donations gave the appearance of a "quid pro quo" agreement between Pat Ryan, who wants the Evanston City Council to approve plans to re-zone and Rebuild Northwestern's Ryan field, and Krissie Harris. Krissie Harris returned the funds. (https://evanstonroundtable.com/2023/03/20/harris-returns-campaign-donations-tied-to-the-ryan-family/)

Awards and honors

Ryan has received a number of awards and honors throughout his career. These include, among others:

In 2004, Ryan hosted President George W. Bush during a political fundraising dinner at his home in Winnetka, Illinois. Later that year, he hosted another fundraiser with Bush's wife and daughters as guests. [41] In November 2008, Ryan was named one of five co-chairs for Barack Obama's inaugural committee. [42] Ryan, being a Republican, was chosen to reflect a bipartisan committee.

Personal life

He is married to Shirley Ryan. They live in the Chicago area and have three children. [1]

Related Research Articles

<span class="mw-page-title-main">Aon (company)</span> British multinational corporation

Aon plc is a British-American professional services and management consulting firm that offers a range of risk-mitigation products. Aon has approximately 50,000 employees across 120 countries.

<span class="mw-page-title-main">Jerry Jones</span> American businessman and Dallas Cowboys owner

Jerral Wayne Jones Sr. is an American businessman and the owner, president, and general manager of the Dallas Cowboys of the National Football League (NFL). He bought the team from Bum Bright in 1989.

<span class="mw-page-title-main">Northwestern University</span> Private university in Evanston, Illinois, U.S.

Northwestern University (NU) is a private research university in Evanston, Illinois, United States. Established in 1851 to serve the historic Northwest Territory, it is the oldest chartered university in Illinois. The university has its main campus along the shores of Lake Michigan in the Chicago metropolitan area.

William A. "Pat" Patterson was the President of United Airlines from 1934 until 1966.

<span class="mw-page-title-main">Loyola Academy</span> Jesuit college prep school in Illinois, U.S.

Loyola Academy is a private, co-educational college preparatory high school run by the USA Midwest Province of the Society of Jesus in Wilmette, Illinois, a northern suburb of Chicago, and in the Roman Catholic Archdiocese of Chicago. It is a member of the Jesuit Secondary Education Association and the largest Jesuit high school in America, with over 2,000 students from more than 80 different zip codes throughout the Chicago area. It was founded by the Jesuits in 1909.

<span class="mw-page-title-main">Pat Gillick</span> American professional baseball executive (born 1937)

Lawrence Patrick David Gillick is an American professional baseball executive. He previously served as the general manager of four MLB teams: the Toronto Blue Jays (1978–1994), Baltimore Orioles (1996–1998), Seattle Mariners (2000–2003), and Philadelphia Phillies (2006–2008). He guided the Blue Jays to World Series championships in 1992 and 1993, and later with the Phillies in 2008.

<span class="mw-page-title-main">Jerry Reinsdorf</span> American sports executive

Jerry Michael Reinsdorf is the owner of the NBA's Chicago Bulls and MLB's Chicago White Sox. He started his professional life as a tax attorney with the Internal Revenue Service. He has been the owner of the White Sox and Bulls for over 35 years. As of January 2024, his net worth was estimated at US$2.4 billion.

<span class="mw-page-title-main">Fenwick High School (Oak Park, Illinois)</span> Private secondary school in Oak Park, Illinois, United States

Fenwick High School is a private Catholic college preparatory school located in Oak Park, a town in Cook County, Illinois that is bordered by Chicago on the north, east, River Forest and Forest Park on the West, and Cicero and Berwyn on the south. Fenwick was founded in 1929 and is a ministry of the Province of St. Albert the Great. It is the only school directly operated and staffed by the Order of Preachers in the United States. It is named in honor of the first Bishop of Cincinnati, Dominican friar Edward Dominic Fenwick, O.P.. Fr. Richard Peddicord, O.P. has served as president of Fenwick High School since July 1, 2012. After a nearly year-long principal search, it was announced in April 2023 that Mark Rasar would be the next principal of Fenwick. On December 4, 2023, it was announced that Rasar would be leaving abruptly, after less than 6 months in the role. President Fr. Richard Peddicord, O.P. will serve as interim principal until a replacement is found.

<span class="mw-page-title-main">National Insurance Academy</span> Educational institute in India

The National Insurance Academy is situated in Pune, India. Founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and the public sector general insurance industry, NIA started MBA education as a lateral diversification in 2004 with Dr K C Mishra as the founder director and Dr R K Parchure a leading economist as an MBA Coordinator, who was replaced by Dr S D Totade. After the tenure of Dr K C Mishra, the academy had Dr. Prathap Oburai from IIM Ahmedabad as the new Director. During his stint here, Dr. Oburai had promised the students to elevate the academy to the top 10 B-Schools of India with strong international collaborations. NIA runs a PGDM course. It provides a dual specialization.

The Henry and Leigh Bienen School of Music is the music and performance arts school of Northwestern University. It is located on Northwestern University's campus in Evanston, Illinois, United States.

<span class="mw-page-title-main">Ryan AbilityLab</span> Hospital in Illinois, United States

The Shirley Ryan AbilityLab, formerly the Rehabilitation Institute of Chicago (RIC), is a not-for-profit nationally ranked physical medicine and rehabilitation research hospital based in Chicago, Illinois. Founded in 1954, the AbilityLab is designed for patient care, education, and research in physical medicine and rehabilitation (PM&R). The AbilityLab specializes in rehabilitation for adults and children with the most severe, complex conditions ranging from traumatic brain and spinal cord injury to stroke, amputation and cancer-related impairment. Affiliated with Northwestern University, the hospital is located on Northwestern’s Chicago campus and partners on research and medical efforts.

<span class="mw-page-title-main">Pat Fitzgerald</span> American football player and coach (born 1974)

Patrick William Fitzgerald Jr. is an American football former coach and player who was head coach of the Northwestern Wildcats football program until he was fired in 2023 in the aftermath of a hazing scandal.

<span class="mw-page-title-main">Christine Brennan</span> American journalist

Christine Brennan is a sports columnist for USA Today, a commentator on ABC News, CNN, PBS NewsHour and NPR, and a best-selling author. She was the first female sports reporter for the Miami Herald in 1981, the first woman at the Washington Post on the Washington Redskins beat in 1985, and the first president of the Association for Women in Sports Media in 1988. Brennan won the 2020 Red Smith Award, presented annually by the Associated Press Sports Editors to a person who has made "major contributions to sports journalism."

John Francis Sandner was an American business executive and community leader. He served three stints as the chairman of the Chicago Mercantile Exchange (CME), now the CME Group, in the 1980s and 1990s.

Hollard Group is a privately owned insurance group based in South Africa that operates under two insurance licences: short term and life. The company was established in 1980 by Robert Enthoven, and the Enthoven family retains the majority share, locally through The Enthoven Family Trust (EFT) and internationally through Capricorn Ventures International (CVI).

<span class="mw-page-title-main">Richard Bruce Silverman</span>

Richard Bruce Silverman is the Patrick G. Ryan/Aon Professor of Chemistry at Northwestern University. His group's main focus is basic and translational research into central nervous system disorders and cancer. He is known for the discovery of pregabalin, which is marketed by Pfizer under the brand name Lyrica.

<span class="mw-page-title-main">Joe J. Plumeri</span> American businessman (born 1943)

Joseph J. Plumeri II is vice chairman of the First Data Board of Directors. He was the chairman and CEO of Willis Group Holdings (Willis), a New York Stock Exchange-listed insurance broker, until July 2013. The company has 17,000 employees in 400 offices, located in 120 countries. As of June 2010, Willis had the third-highest insurance brokerage revenues in the world.

<span class="mw-page-title-main">Brian Duperreault</span> American executive

Brian Charles Duperreault is a Bermuda-born American executive in the insurance industry. He stepped down as executive chairman of American International Group in December 2021.

Andrew James McKenna Sr. was an American businessman and chairman emeritus of McDonald's from 2016 until his death, having been chairman from 2004 to 2016, and a director from 1991.

References

  1. 1 2 3 "Patrick Ryan". Forbes. Retrieved November 16, 2016.
  2. ↑ Merrion, Paul (April 19, 2007). "COO, CFO being recruited for Olympic bid". ChicagoBusiness. Crain Communications, Inc. Retrieved April 21, 2007.
  3. ↑ Bansal, Paritosh (March 18, 2008). "UPDATE 1-Aon Chairman, founder Patrick Ryan to retire". Reuters UK. Thomson Reuters . Retrieved November 27, 2008.
  4. ↑ "Pat Ryan going back to insurance, starting firm". Chicago Breaking News. February 9, 2010. Archived from the original on January 19, 2013. Retrieved May 28, 2010.
  5. 1 2 3 4 5 6 7 8 9 10 11 "Global Insurance Leader and Entrepreneur, Patrick G. Ryan, Launches New Business - Ryan Specialty Group". PR Newswire Association LLC. February 9, 2010. Retrieved May 28, 2010.
  6. ↑ "World Sport Chicago Names Patrick G. Ryan Chairman of the Board of Directors |". www.worldsportchicago.org. Retrieved November 18, 2016.
  7. ↑ "Patrick G. and Shirley W. Ryan Foundation: Chicago Grants". Inside Philanthropy. Retrieved November 17, 2016.
  8. ↑ "Latest News". The Art Institute of Chicago. 2007. Retrieved June 26, 2007.
  9. ↑ "CHICAGO BEARS". bizjournals.com. American City Business Journals, Inc. 2007. Archived from the original on May 1, 2007. Retrieved September 1, 2007.
  10. 1 2 3 "Hall of Fame – 2014: Pat Ryan". Irish America. March 11, 2014. Retrieved November 16, 2016.
  11. 1 2 "Patrick Ryan". Forbes. Retrieved November 18, 2016.
  12. 1 2 3 Beene, Ryan (March 21, 2008). "F&I pioneer Pat Ryan to retire from Aon". Automotive News. Retrieved November 16, 2016.
  13. 1 2 3 4 5 6 7 8 "Member Profile – Horatio Alger Association". www.horatioalger.org. Retrieved November 18, 2016.
  14. ↑ "Northwestern Alumni Association - Patrick G. Ryan and Shirley Welsh Ryan". www.alumni.northwestern.edu. Retrieved November 18, 2016.
  15. ↑ "Globe Life pact". April 6, 1977. Retrieved November 17, 2016.
  16. 1 2 "Aon Founder Ryan to Retire Aug. 1". Insurance Journal. March 20, 2008. Retrieved November 17, 2016.
  17. 1 2 3 "Insurance Hall of Fame Laureate Profile". www.insurancehalloffame.org. Retrieved November 21, 2016.
  18. ↑ "World Rankings". III. Retrieved November 21, 2016.
  19. ↑ plc, Aon. "Patrick G. Ryan Announces Intention to Retire from Aon - Mar 19, 2008". aon.mediaroom.com. Retrieved November 21, 2016.
  20. ↑ "Home – Ryan Specialty Group". Ryan Specialty Group. Retrieved November 21, 2016.
  21. ↑ "2015 Business Insurance Broker Rankings | Business Insurance". www.businessinsurance.com. Retrieved November 21, 2016.
  22. ↑ "RSGUM – Ryan Specialty Group". Ryan Specialty Group. Retrieved November 21, 2016.
  23. ↑ Lingle, Clara (June 16, 2009). "Bienen, Ryan honored for their work at Northwestern". The Daily Northwestern. Retrieved November 17, 2016.
  24. ↑ "Northwestern Announces Five-Member Hall of Fame Class of 2012". Northwestern University. Retrieved November 17, 2016.
  25. ↑ "Bienen, Ryan and Five Others to Receive Honorary Degrees: Northwestern University News". www.northwestern.edu. Retrieved November 17, 2016.
  26. ↑ "Northwestern Alumni Association - Alumni Awards". www.alumni.northwestern.edu. Retrieved November 17, 2016.
  27. ↑ "Past Alumni Award Winners" (PDF). Northwestern Alumni Association. Retrieved November 17, 2016.
  28. ↑ "Patrick G. And Shirley W. Ryan Hall: Northwestern Magazine - Northwestern University". www.northwestern.edu. Retrieved November 17, 2016.
  29. ↑ "Ryans Increase Campaign Giving to $100 Million - Northwestern Now". news.northwestern.edu. Retrieved November 17, 2016.
  30. ↑ "Music And Communication Building To Be Named For Patrick And Shirley Ryan - Northwestern Now". news.northwestern.edu. Retrieved November 17, 2016.
  31. ↑ Ryan, Shannon (April 5, 2018). "Northwestern unveils new Ryan Fieldhouse athletics facility". Chicago Tribune . Retrieved May 7, 2019.
  32. ↑ Perkins and Will (October 16, 2018). "Northwestern University Ryan Fieldhouse and Walter Athletics Center". Architect . Retrieved May 7, 2019.
  33. ↑ Spector, Matt (May 28, 2009). "Ryan made NU 'better in every way'". The Daily Northwestern. Retrieved March 7, 2019.
  34. ↑ "Alumni". Sigma Chi at Northwestern University. Retrieved March 7, 2019.
  35. ↑ "Alphabetical Index of Active Members" (PDF). Academy of Arts and Sciences. Retrieved November 18, 2016.
  36. ↑ "About the Academy - American Academy of Arts & Sciences" . Retrieved November 18, 2016.
  37. ↑ "Laureates Alphabetically - The Lincoln Academy of Illinois". The Lincoln Academy of Illinois. Retrieved November 18, 2016.
  38. ↑ "Golden Plate Awardees of the American Academy of Achievement". www.achievement.org. American Academy of Achievement.
  39. ↑ "The Summit". www.achievement.org. American Academy of Achievement.
  40. ↑ "Hall of Fame". Chicagoland Sports Hall of Fame. Retrieved November 18, 2016.
  41. ↑ Hoffmania!: Bush Just Leaves a Trail of Destruction Archived September 29, 2007, at the Wayback Machine
  42. ↑ Seelye, Katharine (November 25, 2008). "Obama to Limit Inaugural Donations". The New York Times . Retrieved November 25, 2008.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.