{"id":7066,"date":"2024-10-24T06:35:14","date_gmt":"2024-10-24T05:35:14","guid":{"rendered":""},"modified":"2025-04-22T04:46:15","modified_gmt":"2025-04-22T04:46:15","slug":"voi-podcast-with-tim-turner-ceo-of-ryan-speciality","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/voi-podcast-with-tim-turner-ceo-of-ryan-speciality\/","title":{"rendered":"Ryan Specialty CEO Tim Turner outlines ambitions with \u2018tremendous partner\u2019 Lloyd\u2019s"},"content":{"rendered":"\n<p><iframe title=\"Ep228 Tim Turner CEO Ryan Specialty: Breadth, depth and quality at speed\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=g96v3-1714a63-pb&amp;from=pb6admin&amp;share=0&amp;download=1&amp;rtl=0&amp;fonts=Tahoma&amp;skin=3267a3&amp;font-color=&amp;logo_link=episode_page&amp;btn-skin=1b1b1b\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<p>Ryan Speciality is an \u2018avid supporter\u2019 of Lloyd\u2019s of London, says chief executive Tim Turner.<\/p>\n\n\n\n<p>Turner, speaking on the Voice of Insurance podcast to host Mark Geoghegan, explained why Lloyd\u2019s was so beneficial to Ryan Specialty.<\/p>\n\n\n\n<p>\u201cThey\u2019re a tremendous partner for us and do so much for others in the non-admitted space traditionally and even more so today.<\/p>\n\n\n\n<p>\u201cTheir ability to get into these niches, whether it is binding authority programs, MGUs (managing general underwriters),\u201d he said.<\/p>\n\n\n\n<p><strong>Lloyd&#8217;s positive actions&nbsp;<\/strong><\/p>\n\n\n\n<p>In a wide-ranging interview, Turner talked about subjects including Lloyd&#8217;s positive steps, company strategy and artificial intelligence.&nbsp;<\/p>\n\n\n\n<p>Turner praised the <a href=\"https:\/\/www.advantagego.com\/en-us\/content\/lloyds-blueprint-two-delaying-phase-2-was-a-positive-step\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lloyd&#8217;s initiatives on digitalisation<\/a> and capital attraction.<\/p>\n\n\n\n<p>He said: \u201cIn the addition to the concerted efforts to digitise their platform and eliminate inefficiencies via the blueprint, they\u2019ve done an even better job, in my opinion, in commercialising the platform through the London Bridge in an effort to bring new forms of capital.\u201d<\/p>\n\n\n\n<p>Turner was asked whether starting or taking a share in a syndicate would appeal to him.<\/p>\n\n\n\n<p>He replied: \u201cI wouldn\u2019t rule it out, but it\u2019s certainly not a priority for us right now. On a going forward basis, we continue to be avid supporters of the market, and we don\u2019t see ownership or launching of a syndicate as a key to our strategy at this time, the rational being we have strategic trading partners with syndicate platforms already.\u201d<\/p>\n\n\n\n<p><strong>Avoiding conflict<\/strong><\/p>\n\n\n\n<p>Turner praised the \u2018incredible global vision\u2019 of founder Pat Ryan who led the company to expand across the world.&nbsp;<\/p>\n\n\n\n<p>Ryan Speciality works with more than 20,000 brokers as a large wholesale broking and delegated authority specialist. It handles more than $25bn in global premium.<\/p>\n\n\n\n<p>Turner, who was noted in the podcast for his extensive industry knowledge and experience, was announced CEO in July last year.<\/p>\n\n\n\n<p>Despite the successful growth, owning a London broker was not part of Ryan Speciality\u2019s expansion plans.&nbsp;<\/p>\n\n\n\n<p>He said: \u201cWe\u2019ve made a strategic decision, number one, to avoid owning a London broker because of the potential channel conflict that we see with our retail customers.<\/p>\n\n\n\n<p>\u201cSo, we see Europe and the UK as a very fertile ground, for delegated underwriting authority.\u201d<\/p>\n\n\n\n<p>The acquisition of Castel Underwriting Agencies, announced in December last year, had \u2018significantly enhanced our UK and European footprint\u2019.<\/p>\n\n\n\n<p><strong>Strategy explained<\/strong><\/p>\n\n\n\n<p>Turner emphasised that under Ryan\u2019s leadership, the business had grown into an \u2018extraordinary company with a dynamic and really differentiated business model\u2019.<\/p>\n\n\n\n<p>He said: \u201cSo looking ahead, we\u2019ll continue to execute our strategy, of course, and it remains unchanged.<\/p>\n\n\n\n<p>\u201cWe\u2019re focused on a handful of things. Maybe four that stick out and define us.\u201d<\/p>\n\n\n\n<p>Turner highlighted its ambitions to deliver innovative solutions; generate industry leading organic growth; execute its M&amp;A strategy; and finally, deliver profits and value for shareholders.<\/p>\n\n\n\n<p>Last year, Ryan Speciality had a record year in M&amp;A. Notable deals include Castel, Griffin Underwriting Services and wholesale broker Socius Insurance Services.<\/p>\n\n\n\n<p>\u201cThere are still deals to do in wholesale broking, more than you would think\u201d, he said.&nbsp;<\/p>\n\n\n\n<p><strong>Artificial intelligence<\/strong><\/p>\n\n\n\n<p>Touching on the big issue of AI, Geoghegan asked how Ryan Speciality was using AI.<\/p>\n\n\n\n<p>Turner said Ryan Speciality had invested heavily in tech. He highlighted investment in the cloud, workflow systems and trading platforms.<\/p>\n\n\n\n<p>Combined with ownership of its \u2018rich proprietary data\u2019, the insurance firm was in a strong position, the podcast heard.<\/p>\n\n\n\n<p>Outlining some of the goals where tech is helping, Turner highlighted growing underwriting profits, providing better advice to clients with market insight, and efficiency in submissions handling.<\/p>\n\n\n\n<p>\u201cWe view AI as another tool in the toolbox, frankly, that supports the overall business,\u201d he said.<\/p>\n\n\n\n<p><strong>The future<\/strong><\/p>\n\n\n\n<p>Looking to the future, Turner noted the winners in today\u2019s world recruit, develop and build talent.<\/p>\n\n\n\n<p>Handling transactions at high speed without losing any efficiency would also be vital in staying ahead of the game.<\/p>\n\n\n\n<p>Turner finished off by saying he was \u2018excited\u2019 about the future regarding some of the opportunities it will bring.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ryan Speciality is an \u2018avid supporter\u2019 of Lloyd\u2019s of London, says chief executive Tim Turner. Turner, speaking on the Voice of Insurance podcast to host Mark Geoghegan, explained why Lloyd\u2019s was so beneficial to Ryan Specialty. \u201cThey\u2019re a tremendous partner for us and do so much for others in the non-admitted space traditionally and even [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[19,26],"tags":[14],"line-of-business":[20],"class_list":["post-7066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","category-latest-insights","tag-underwriting-workbench","line-of-business-property"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/7066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=7066"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/7066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/6594"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=7066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=7066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=7066"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=7066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}