Nick Cortezi has been named chairman and CEO of Ryan Specialty Group’s RSG Underwriting Managers business, with his former All Risks lieutenant Matt Nichols assuming the role of president.
RSGUM’s current head Mike Rice will be senior chairman of the underwriting platform through to the end of the year after previously announcing his intention to retire.
Cortezi had been CEO at All Risks, with Nichols president. All Risks had a strong underwriting platform with more than 36 programs, in addition to its wholesale transactional and binder businesses.
Commenting on the moves, RSG’s founding chairman and CEO PAt Ryan said: “We are fortunate to have Nick and Matt at this time to succeed Mike and join the existing excellent management team at RSG Underwriting Managers.
“Nick and Matt have experienced high-teens double digit compounded annual organic growth for the past 20 years and have long established relationships with insurance carriers and brokers.”
He described the programs developed at All Risks as “unique, innovative and a win-win for both carriers and brokers”.
“I’d like to again thank Mike Rice for his valued guidance during this transition period as senior chairman and for his leadership of RSG Underwriting Managers these past ten years,” Ryan added.
Cortezi said: “I am looking forward to working with the exceptional team of professionals that comprise RSG Underwriting Managers and doing all that I can to help continue the buildout of its capabilities.”
Nichols said that combining RSGUM with All Risks Programs had created a stronger team for assisting clients with the placement of their insureds.
The combination of RSG with All Risks has created an organization that is projected to place and underwrite nearly $15bn in premium during 2020.
As previously reported, RSG funded the transaction with a combination of debt as well as a further preferred equity investment from private equity firm Onex Corporation.