Ryan Specialty Group has announced the launch of a reinsurance managing general underwriter (MGU) called RyanRe Underwriting Managers (RyanRe), which is led by Executive Chairman Michael O’Halleran and Chief Executive Officer (CEO) and President, Brian Boornazian.
The launch of RyanRe expands the company’s managing underwriting strategy, and working through reinsurance brokers, the new platform can underwrite both treaty and facultative reinsurance with a focus on property, casualty, and professional liability.
Patrick Ryan, Founder, Chairman and CEO of Ryan Specialty Group, said: “We are thrilled to add Mike and Brian to the RSG family. 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.”
Both O’Halleran and Boornazian have extensive insurance and reinsurance industry knowledge and experience. O’Halleran spent most of his career to date building Aon Benfield, the reinsurance broking arm of Aon, while Boornazian was most recently Chairman at Aspen Re.
O’Halleran, commented: “I am thrilled to join with Pat and Brian to create a dynamic diversified underwriting company that will bring creative solutions to our brokers and clients.”
“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,” added Boornazian.