Timothy Turner on market consolidation
From Ep228 Tim Turner CEO Ryan Specialty: Breadth, depth and quality at speed · · The Voice of Insurance
“We're not concerned about retail broker consolidation — they're terrific partners and customers; it actually plays into our strengths. Retail broker M&A is one of the secular and structural growth drivers for Ryan Specialty.”
On , Timothy Turner, Chief Executive Officer & Director at RYAN SPECIALTY HOLDINGS INC, spoke about market consolidation during Ep228 Tim Turner CEO Ryan Specialty: Breadth, depth and quality at speed on The Voice of Insurance.
About Timothy Turner
Tim Turner, CEO of Ryan Specialty, has been discussing the current state of the excess and surplus (E&S) insurance market in multiple podcast appearances. He stated that the current market is "very different than 85-86" and that the firm is "not having any difficulty getting quotes and getting risks placed," though price and terms are changing. Turner attributed the growth of the non-admitted market to factors including "record losses from COVID," "social inflation," and "nuclear verdicts," which he said are causing standard carriers to shed unprofitable business. He noted that the non-admitted market has grown from about 1-2% of the commercial P&C market at its softest point to "closer to 14 or 15%" today, and he expressed the view that E&S growth "should continue to outpace the admitted market." Turner also discussed Ryan Specialty's strategic priorities, including its M&A strategy and investment in technology. He described the acquisition of Castell as having "significantly enhanced our UK and European footprint" and added "over ten different MGUs." He stated that the firm has "over 30 MGUs" and "over 80 proprietary programs and products." Turner emphasized a focus on "foundational technology — cloud, electronic trading and curated proprietary data" to "harvest insights and implement AI." In a separate appearance, he highlighted a talent shortage in the industry, noting that "50% of our Property and Casualty specialty Brokers and Underwriters will retire in the next 10 years" and called for a focus on "recruiting, training, and developing young professionals."