Ryan Specialty Holdings, the international specialty insurance firm, has made a number of executive leadership team promotions for Ryan Turner Specialty (RT Specialty), the company’s wholesale brokerage division, effective October 1, 2024.
Among these promotions, Edward F. McCormack will become Chief Executive Officer of RT Specialty.
McCormack has served as President of RT Specialty since 2016, and also previously served as the company’s Chief Operating Officer and General Counsel.
He has been with RT Specialty since its inception in 2010.
At the same time, both Brenda (Ballard) Austenfeld and Michael T. VanAcker will become Co-Presidents of RT Specialty.
Currently, Austenfeld serves as CEO and President of RT National Property and will continue in this role in addition to becoming Co-President. She joined RT through the acquisition of Westrope in 2013 where she was a partner.
Overall, she boasts more than 30 years of expertise across the insurance sector, and currently serves as President of the Board of Directors for the Wholesale & Specialty Insurance Association (WSIA), as well as a member of the Board of Directors for the Council of Insurance Agents and Brokers (CIAB).
In addition, VanAcker currently serves as Executive Vice President of RT Specialty. He also previously served as
Chief Operating Officer of both RT Specialty and Ryan Specialty and Controller for RT Specialty.
A renowned figure across the industry, VanAcker has spent his entire career in the insurance sector, having started out his career at PwC before moving to Ryan Specialty in 2011.
It’s important to note, that these promotions follow Ryan Specialty’s recent announcement that it will implement a leadership succession plan, also effective October 1, 2024.
As part of the plan, Patrick G. Ryan, the Founder, Chairman, and CEO of Ryan Specialty, will transition to the role of Executive Chairman, while Timothy W. Turner, President of Ryan Specialty and Chairman and CEO of RT Specialty, will become CEO of Ryan Specialty and retain his role as Chairman of RT Specialty.
Addressing these new appointments, Turner said: “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.”
