What is Patrick Ryan’s Net Worth?
Patrick G. Ryan, the founder and executive chairman of Ryan Specialty Group, has an estimated net worth of $10.5 billion. The majority of Ryan’s wealth stems from his ownership stake in Ryan Specialty Group, a Chicago-based wholesale insurance broker that he founded in 2010. He owns approximately 49% of the company, which reported revenues of $1.7 billion in 2022.
Prior to establishing Ryan Specialty Group, Ryan founded and led Aon Corporation for over four decades, building it into a global insurance brokerage powerhouse.
Ryan has made substantial investments and philanthropic contributions over the years. In 2021, he donated a record-breaking $480 million to Northwestern University, his alma mater.
Here’s the breakdown of Patrick Ryan’s net worth:
Name: | Patrick Ryan |
Net Worth: | $10.5 Billion |
Date of Birth: | 1937 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Patrick G. Ryan was born in 1937 into an Irish-American family in suburban Milwaukee, Wisconsin. His humble beginnings laid the foundation for his future success in the insurance industry. Ryan’s father ran a Ford dealership, which exposed him to the world of business from a young age.
During his high school and college summers, Ryan worked hard shoveling concrete to help build Milwaukee’s freeway system, demonstrating his strong work ethic early on.
Ryan’s entrepreneurial spirit emerged during his college years at Northwestern University. As a senior, he earned an impressive $8,000 (a significant sum at the time) by selling personalized scrapbooks to dorm residents.
Career
Patrick Ryan’s career in insurance began immediately after graduating from Northwestern University in 1959 with a degree in finance and literature. He joined Penn Mutual’s Chicago office as a life insurance agent, quickly recognizing opportunities in the industry.
In 1962, Ryan made his first significant move by founding the first Finance and Insurance (F&I) department at Dick Fencl Chevrolet in suburban Chicago. This innovative approach changed how auto dealerships operated in terms of insurance products. By 1964, at the age of 26, Ryan had established his own firm, Pat Ryan & Associates, a brokerage and underwriting agency.
By 1968, his firm was selling $15 million in premiums annually. He took the company public in 1971, raising capital to diversify into multiple insurance products.
In 1982, Ryan Insurance Group merged with Combined International, forming Aon Corporation. Under Ryan’s leadership as CEO and chairman for 41 years, Aon grew into a global leader in risk management, insurance, and reinsurance brokerage. At the time of his retirement in 2008, Aon had more than 500 offices in 120 countries, generating revenues in excess of $7 billion.
Not content with retirement, Ryan founded Ryan Specialty Group (RSG) in 2010, a global specialty insurance holding company. RSG has become a major player in the industry, with its wholesale operation, RT Specialty, ranking as the 3rd largest wholesale broker in the US.
Awards and Honors
In 1987, Patrick G. Ryan was awarded the prestigious Horatio Alger Award, which recognizes individuals who have overcome significant personal challenges to achieve success and who are dedicated to the principles of integrity, hard work, perseverance, and compassion for others.
In 2008, Ryan was inducted into the American Academy of Arts and Sciences, one of the nation’s oldest and most prestigious honorary societies and independent research centers. That same year, he was also elected to the International Insurance Society Hall of Fame and received the Ernst and Young Entrepreneur of the Year Lifetime Achievement Award.
Ryan’s other notable honors include being named the International Executive of the Year by Brigham Young University in 2002 and receiving the Golden Plate Award from the Academy of Achievement in the same year. He has also been recognized by the Insurance Federation of New York with the Free Enterprise Award and by the College of Insurance as the Insurance Leader of the Year.
In 2019, he was inducted into the Automotive Hall of Fame for his contributions to the Finance and Insurance Specialists sector of the automotive industry.
Personal Life
Patrick G. Ryan is married to Shirley Welsh Ryan, and together they have three children. The couple resides in the Chicago area and is well-known for their philanthropic efforts through the Patrick G. and Shirley W. Ryan Foundation. The foundation has made significant contributions to various causes, particularly in education and healthcare
One of their most notable donations was a record-breaking $480 million to Northwestern University in 2021, which underscores their commitment to supporting higher education and research. Ryan has served on its Board of Trustees for over 42 years, including 14 years as chairman. His contributions to the university are extensive, with major athletic facilities such as Welsh-Ryan Arena and Ryan Field named in his honor.
In addition to his philanthropic work, Ryan is a part-owner of the Chicago Bears, one of the most iconic teams in the National Football League (NFL). He has also served as the chairman of the Chicago 2016 Olympic bid committee and is currently the chairman of World Sport Chicago, an organization that emerged from the city’s Olympic bid.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
