TRAILBLAZER
The department sold insurance products on behalf of Continental Casualty Company – and is now the primary subsidiary of CNA Financial . It was a groundbreaking event for the industry – and Ryan ’ s actions changed the way auto dealerships operated in terms of insurance products .
By 1964 , Ryan had branched out on his own and founded Pat Ryan & Associates , a brokerage and underwriting agency . The company ran a training programme that was created to teach licensed agents and place them in auto dealerships . The entity enjoyed huge success – and by 1968 , was selling US $ 15mn premiums annually .
Sensing the time was right to expand , Ryan took out a loan to finance the sale of a dormant insurance company . This enabled him to underwrite the products his company was selling . Once again , the move proved to be a genius one – and transformed Pat Ryan & Associates into a nationwide business that began operating across the USA .
By 1971 , with $ 25mn in annual sales , Ryan made the firm a public entity . The stock offering helped raise capital to meet Ryan ' s long term goal , which was " diversification from a single line of insurance to multiple insurance products .”
A rebranding in 1976
20
Number of years working in the industry followed the IPO , changing the firm ' s name to Ryan Insurance Group . The following year , he acquired retail brokerage units from Esmark Inc , and expanded the firm into “ risk
18 January 2022