Ryan Specialty Underwriting Managers (RSUM) has promoted Mike Benvenuto to chief operating officer, effective immediately. The move puts a 20-year insurance industry veteran in charge of operations at the Chicago-based specialty insurer’s underwriting management division. Benvenuto will remain in the city. He previously served as chief procurement officer at Ryan Specialty.
Miles Wuller, chief executive of RSUM, noted a long working relationship with Benvenuto.
“I’ve had the privilege of working with Mike both at Ryan Specialty and earlier in our careers, and have seen firsthand his operational expertise, strategic perspective, and leadership,” Wuller said.
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Wuller said he expected the appointment to support the division’s performance.
“He is a highly effective insurance executive and a trusted partner who consistently delivers results. I’m confident he will help drive RSUM’s continued growth and operational excellence in this role,” he added.
The appointment comes as Ryan Specialty works through a period of margin pressure. The firm posted full-year 2025 revenue of $3.05 billion, up 21.3% from $2.52 billion in 2024. However, profit margins tightened as the company absorbed costs from technology investments and acquisitions.
Ryan Specialty has since launched a restructuring program called “Empower” to streamline group-wide operations.
The margin pressure has continued into 2026. While first-quarter revenue came in at $795.2 million, up 15.2% year on year, organic growth was 11.8%, down from 12.9% a year earlier. The company has trimmed its full-year organic growth guidance to mid-single digits, citing a slower excess and surplus market.
Benvenuto’s procurement background gives his COO appointment an operational rather than purely underwriting focus. This profile fits the direction the firm has signaled through its restructuring and cost management efforts.
The move is part of a broader pattern in the specialty insurance sector. Large delegated authority platforms have been adding senior operational leadership as organizational complexity grows.
Ryan Specialty was among the firms featured in the 2026 Hot 100, a list of influential US insurance professionals spanning carriers, brokerages, wholesalers, and managing general underwriters.
