Patrick Ryan, founder, retired chairman and CEO of Aon Corp., announced the launch of his new company, Ryan Specialty Group (RSG), a company that will offer specialty services to insurance brokers, agents and carriers. RSG's strategy is to develop managing general underwriters (MGUs) & managing general agents (MGAs), wholesale brokers and a service platform for agents and brokers. RSG's specialty approach will not include retail brokerage, reinsurance brokerage or human resource consulting, typically handled by conventional commercial brokers, such as Aon Corp.

Ryan, who will serve as RSG’s chairman and CEO, is understood to have provided the majority of capital support, while other backers are thought to be in the pipeline, notes the UK-based Insurance Insider.

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