RT Specialty, the wholesale broking arm of Ryan Specialty, has promoted Greg Provenzo (pictured) to director, London Markets & Delegated Authority, adding him to the leadership team of RT Binding Authority.
Provenzo brings more than 20 years of experience in London Market underwriting and broking to the role, along with a deep understanding of Lloyd's of London syndicates and delegated authority business. He has managed large-scale commercial portfolios and driven multi-channel business development throughout his career.
With the new appointment, Provenzo steps back from his role as president of RT Richmond, leaving full responsibility for that office to Dave Adcock, with whom he had shared the position. Adcock joined RT Specialty through its 2019 acquisition of Atlantic Specialty Lines and has led the firm's national personal lines practice alongside his Richmond office role.
In his new position, Provenzo will provide strategic leadership and operational oversight for RT Binding Authority's London Markets commercial business. His responsibilities include managing syndicate and carrier relationships, developing underwriting strategy, and overseeing delegated authority portfolios, while acting as the primary link between RT's production teams and London markets.
Seth Johnson, chief executive of RT Binding Authority, said the promotion reflected Provenzo's track record in the London market. "Greg's promotion reflects his proven ability to build strong Syndicate relationships and drive profitable growth as we continue to expand our relationship with London," Johnson said. "Greg's expertise in delegated authority and underwriting strategy will build on the very strong foundation between our production teams and London markets."
Provenzo said he was honored to join the RT Binding Authority leadership team. "It is a privilege to represent our London syndicates, and I look forward to building on our strong relationships while supporting RT Specialty's continued growth," he said.
The promotion lands at a moment when the London capacity Provenzo will oversee is increasingly bound up with the growth of the US surplus lines market itself. US surplus lines premiums surpassed $81 billion in 2024, up 12.1% year over year, according to stamping office data tracked across the country's E&S filing offices. That growth has been driven largely by standard admitted carriers retreating from harder-to-price risks tied to severe weather, cyber exposure and emerging technologies, leaving wholesale brokers and their London and domestic carrier partners to absorb the difference.
Binding authority arrangements, in which a wholesale broker like RT is delegated the authority to underwrite and bind business on a carrier's behalf within prescribed guidelines, have become one of the primary mechanisms US retail agents use to access that expanding pool of specialty capacity, both domestically and through Lloyd's syndicates.
Ryan Specialty's own first-quarter 2026 results reflected that momentum, with net income of $40.6 million marking a sharp turnaround from a $4.4 million loss a year earlier, driven by continued double-digit premium growth in its specialty brokerage and underwriting segments.
The promotion also comes as delegated authority has become an increasingly central part of the Lloyd's market itself. Delegated underwriting, in which a managing agent authorizes a coverholder such as a wholesale broker or managing general agent to enter into contracts on its behalf, now accounts for approximately 45% of Lloyd's total premium income, according to Lloyd's own market data. That share has grown quickly, with premiums flowing through delegated authority more than doubling from £10.4 billion in 2018 to £22.1 billion in 2023, according to Oxbow Partners research.
In July 2026, Ryan Specialty Underwriting Managers, the firm's underwriting management division, completed a series of Lloyd's consortium stamps backed by six syndicates that will take a combined 15% share across its global delegated underwriting portfolio.
Provenzo's appointment follows a wider succession plan RT Specialty announced in June 2026, under which chief executive Ed McCormack will move into the role of vice chairman effective August 1, 2026, remaining in that capacity through 2027, while Brendan Mulshine, co-president of Ryan Specialty, takes on the additional role of RT Specialty CEO.
Taken together, the two moves suggest RT is concentrating dedicated leadership on its London relationships at both the country and company level at the same time, a bet that delegated authority's expanding share of both Lloyd's premium and US E&S distribution still has room to grow.
