Early Life and Education
Patrick George Ryan was born in May 1937, in Milwaukee, Wisconsin. Growing up, Ryan's entrepreneurial spirit was evident early on. He graduated from Northwestern University's School of Business (now Kellogg School of Management) in 1959 with a degree in Finance and Literature. During his senior year, he made $8,000 selling personalized scrapbooks, an experience that sparked his passion for business.
Rise to Success
Ryan's career began in the insurance sector. In the mid-1960s, he founded Pat Ryan & Associates, which sold insurance products to car dealerships. This innovative approach helped the business grow rapidly. By the early 1980s, Ryan's company was a major player, leading to a merger with Combined International Corporation in 1982, forming Aon Corporation. As CEO of Aon, Ryan oversaw the company's expansion, making it one of the largest insurance brokerage firms globally. He retired from Aon in 2008 after 41 years as CEO.
Key Business Strategies
A key strategy employed by Ryan was the aggressive expansion through acquisitions. Under his leadership, Aon acquired over 100 companies, strengthening its position in the global insurance market. After retiring from Aon, Ryan founded Ryan Specialty Group (RSG) in 2010. RSG focused on providing specialized insurance services to brokers, agents, and carriers, which rapidly grew in the specialty insurance market. RSG went public in 2021.
Philanthropy
Patrick Ryan, along with his wife Shirley Welsh Ryan, is known for significant philanthropic contributions. They have supported cultural and educational institutions, including the Art Institute of Chicago. He is a former chairman of the board of trustees at Northwestern University, where major athletic facilities are named after him. In 2021, the Ryans made a $480 million gift to Northwestern University.
