The current chairman and chief executive of RSG Underwriting Managers, Michael D Rice, has announced his intent to retire at the end of 2020.
Rice will have completed eleven years of service for the MGA manager and wholesale broker upon his retirement.
Notable highlights of Rice’s time at RSG includes his work in cultivating the RSG Underwriting Managers business from a start-up to one of the world’s largest collections of managing general underwriters, with revenues in excess of $160mn.
In addition to serving as chairman and chief executive of RSG Underwriting Managers, Rice also served as a member of the board of directors of Ryan Specialty Group (RSG).
Patrick G Ryan, founder, chairman and CEO of RSG, said: “When Mike joined RSG in 2010, he committed to stay two possibly three years at the longest. Periodically over the last eleven years, I asked Mike to defer his retirement, and each time he selflessly agreed.
“He has done an outstanding job in leading our managing general underwriting business to great success[…]On a personal note, Mike and I have worked together for over 50 years, 40+ years at Aon and over 10 years at RSG. We will miss Mike and are grateful for his outstanding leadership and counsel,” he added.
Commenting on his intent to retire, Rice said: “I am fortunate to have been part of and contributed to the development and growth of two transformative entities in the insurance industry.
“While I look forward to turning my attention to personal endeavors, I will depart the insurance world richer for the incredible opportunity to have worked closely with Pat Ryan for over 50 years, as well as many of the finest professionals the industry has known. I am truly grateful.”