Early Life
Patrick George Ryan was born in Milwaukee, Wisconsin, in May 1937. His father ran a Ford dealership. Ryan spent his summers working, including shoveling concrete to help build Milwaukee's freeway system. He graduated from Northwestern University's School of Business with a degree in Finance and Literature in 1959. During his senior year, he displayed early entrepreneurial skills by earning $8,000 selling personalized scrapbooks to dorm residents.
Rise to Success
Ryan's career in the insurance industry began when he joined Penn Mutual's Chicago office. In 1962, he founded the first Finance and Insurance (F&I) department at Dick Fencl Chevrolet. Two years later, he established Pat Ryan & Associates, a brokerage and underwriting agency. By 1971, Ryan took the firm public. In 1976, he changed the firm's name to Ryan Insurance Group. Through acquisitions and mergers, including the purchase of James S. Kemper agencies in 1981, Ryan expanded the company's reach. In 1982, Ryan Insurance Group merged with Combined International, and Ryan became CEO. In 1987, he changed Combined's name to Aon Corporation, where he served as Chairman and CEO for 41 years, growing it into a global insurance brokerage and consulting firm.
Key Business Strategies
Ryan's key strategies included aggressive acquisitions, expansion into risk management services, and a focus on specialized insurance. His ability to identify and capitalize on market opportunities was pivotal. After retiring from Aon in 2008, he founded Ryan Specialty Group (RSG) in 2010, providing specialty services to insurance brokers, agents, and carriers. Ryan brought RSG public in 2021.
Philanthropy
Patrick Ryan and his wife, Shirley Welsh Ryan, run the Patrick G. and Shirley W. Ryan Foundation, supporting various philanthropic causes. They are major benefactors of Northwestern University, with athletic facilities named in their honor. Ryan also owns a large minority interest in the Chicago Bears.