Pat Ryan (executive)
Patrick George Ryan | |
|---|---|
| Born | United States |
| Alma mater | Northwestern University (Finance and Literature, 1959) |
| Occupation(s) | Businessman, insurance industry pioneer, philanthropist |
| Years active | 1959–present |
| Known for | Founder and former chairman and CEO of Aon; founder of Ryan Specialty Group |
| Spouse | Shirley Welsh Ryan |
Patrick George Ryan is a renowned American billionaire and insurance industry pioneer, recognized as the founder and former chairman and CEO of Aon. In 2010, he launched Ryan Specialty Group (RSG), a holding entity that delivers specialized services to insurance brokers, agents, and carriers. The group's inaugural subsidiary, ThinkRisk, began operations in December 2009, focusing on underwriting and claims management tailored to the media, technology, advertising, and network security industries.
Ryan served as chairman of the Chicago 2016 Olympic bid committee and currently heads World Sport Chicago, an organization that emerged from the Olympic bid initiative.
As a leading philanthropist in Chicago, Ryan and his spouse Shirley Welsh Ryan manage the Patrick G. and Shirley W. Ryan Foundation. He is a major supporter of the Art Institute of Chicago’s modern wing. Additionally, Ryan held the role of chairman on Northwestern University's board of trustees; facilities such as Welsh-Ryan Arena and Ryan Field bear his name in recognition. He also maintains a substantial minority ownership stake in the Chicago Bears.
Early life
Ryan was raised by an Irish-American father who operated a Ford dealership in the Milwaukee suburbs. During his youth, he spent summers working on concrete for Milwaukee’s freeway construction. He earned his degree in Finance and Literature from Northwestern University's School of Business (now known as the Kellogg School of Management) in 1959. As a senior, he demonstrated early entrepreneurial skills by generating $8,000 through personalized scrapbook sales.
Career
Following graduation, Ryan began his career as a life insurance agent at Penn Mutual’s Chicago branch. In 1962, he pioneered the establishment of the first Finance and Insurance (F&I) department at Dick Fencl Chevrolet near Chicago, marketing insurance products from Continental Casualty Company (currently part of CNA Financial). This development revolutionized automobile dealership operations. By 1964, Ryan had founded Pat Ryan & Associates, functioning as a brokerage and underwriting firm. The company achieved $15 million in annual premiums by 1968. To support underwriting nationwide, Ryan acquired an inactive insurance company. By 1971, with sales reaching $25 million annually, he took the enterprise public to finance expansion into various insurance sectors.
In 1976, the company was rebranded as Ryan Insurance Group. The following year, it broadened its scope by purchasing retail brokerage divisions from Esmark Inc., thereby entering commercial risk management. In 1981, Ryan further expanded by acquiring agencies affiliated with James S. Kemper.
The year 1982 marked the merger of Ryan Insurance Group with Combined International, appointing Ryan as CEO. The combined entity experienced growth through acquisitions and internal development; it was renamed Aon in 1987. Ryan led Aon as chairman and CEO for over four decades. Upon his retirement in 2008, Aon operated more than 500 offices across 120 countries with revenues surpassing $7 billion. Today, Aon stands as the largest global reinsurance broker and ranks second among worldwide insurance brokers, specializing in risk management and human capital advisory services.
Ryan founded Ryan Specialty Group (RSG) in 2010 as a global specialty insurance holding company with locations throughout North America and Europe. Its wholesale arm, RT Specialty, holds the position of the third largest wholesale broker in the United States. The group also encompasses sixteen underwriting entities under RSG Underwriting Managers (RSGUM).
Alma mater
For 37 years, Ryan has been a member of the board of trustees at Northwestern University, with 14 of those years spent as chairman. In 2009, he was honored by induction into the Northwestern Athletic Hall of Fame and was awarded an honorary doctorate. His professional achievements and dedicated service to the university were further recognized in 2013 when he received the Northwestern Alumni Association Medal of Honor.
Alongside his wife, Shirley Welsh Ryan, he has played a pivotal role as a benefactor to Northwestern, contributing to fellowships in nanotechnology, scholarships aimed at students from low-income backgrounds, the Feinberg School of Medicine, and endowed professorships. Their philanthropy also made possible the construction of the music and communications building, which was named after them in 2015, as well as the Ryan Fieldhouse athletics complex that opened in 2018.
Ryan is affiliated with the Sigma Chi fraternity.
In 2023, two donations totaling $12,000 connected to Ryan were made to Krissie Harris, a candidate for Evanston City Council. These contributions raised concerns about a potential "quid pro quo" involving proposed rezoning linked to Northwestern's Ryan Field redevelopment. Harris later returned these campaign funds.
Awards and honors
Ryan’s leadership and ethical standards have earned him numerous accolades:
- Horatio Alger Award (1987) – recognizing commitment to integrity, perseverance, and hard work
- Member of the American Academy of Arts and Sciences (2008) – an esteemed honorary organization
- Inductee into the International Insurance Society Hall of Fame (2008)
- College of Insurance’s Insurance Leader of the Year (1997)
- Order of Lincoln Medallion (1998) – Illinois’ highest lifetime achievement distinction
- Free Enterprise Award from the Insurance Federation of New York (1999)
- International Executive of the Year for Corporate Integrity awarded by Brigham Young University (2002)
- Golden Plate Award from the American Academy of Achievement (2002), presented by Dr. Francis Collins
- Ernst and Young Entrepreneur of the Year Lifetime Achievement Award (2008)
- Chicagoland Sports Hall of Fame inductee (2016)
In 2004, Ryan hosted political fundraisers in Winnetka, Illinois, featuring President George W. Bush. Later, in November 2008, he was appointed one of five co-chairs for Barack Obama’s inaugural committee. Selected as a Republican member, his role ensured bipartisan representation on the committee.
Personal life
Ryan is married to Shirley Ryan. They live in the Chicago metropolitan area and have three children.