The leader of the managing general underwriting division at specialty insurance firm Ryan Specialty Group (RSG) is hanging up his hat. After 11 years of leadership, Michael D. Rice, Sr., CEO and chairman of RSG Underwriting Managers (RSGUM), announced that he is intending to retire from the group at the end of the year.
Rice joined RSG in 2010 as the leader of RSGUM and, at that time, committed to staying on for two to three years, according to Patrick G. Ryan, founder, chairman and CEO of RSG, who added, “Periodically over the last 11 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. Mike has cultivated the RSGUM business from a start-up to one of the world’s largest collection of managing general underwriters with revenues in excess of $160 million.”
In addition to his leadership role at RSGUM, Rice served as a member of the board of directors of RSG. Ryan added that he worked with Rice for over 50 years – 40-plus of those were spent at Aon and another 11 years at RSG.
“We will miss Mike and are grateful for his outstanding leadership and counsel,” said Ryan.
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.”