Pat Ryan’s insurance firm shuffles leadership at RT Specialty unit

June 24, 2026 - 22:50

Ed McCormack, the outgoing CEO of RT Specialty, will stay on with the company as vice chair through 2027, the insurance firm announced this week. The move is part of a broader leadership shuffle at the specialty brokerage unit owned by Pat Ryan's insurance conglomerate.

McCormack, who has led RT Specialty since its formation, will transition his day-to-day responsibilities to a new chief executive who will be named in the coming months. The vice chair role will allow him to focus on strategic client relationships and long-term growth initiatives, according to an internal memo. The company emphasized that McCormack's deep industry knowledge and established network were key factors in keeping him involved beyond his tenure as CEO.

The leadership change comes as RT Specialty continues to expand its footprint in the complex world of niche insurance lines, including cyber liability, environmental coverage, and professional liability. The unit has seen steady growth under McCormack's watch, but faces increasing competition from larger brokers and insurtech startups.

Pat Ryan, the founder and executive chairman of the parent company, said the transition is designed to ensure stability while bringing fresh perspective to the unit's operations. He praised McCormack's contributions and noted that the vice chair arrangement reflects the company's commitment to retaining top talent.

Industry analysts view the move as a measured succession plan, avoiding abrupt disruptions that can unsettle clients and underwriters. The new CEO will inherit a business that has weathered market volatility and regulatory shifts in recent years, but must now navigate rising interest rates and softer pricing in some specialty lines.