NU Online News Service, Feb. 17, 10:11 a.m.EST

NEW YORK—Develop a specialty in the insurance business and youwill never have to worry about staying employed, declared PatrickG. Ryan, the founder and former chief executive of theinsurance-brokerage firm Aon in an address in New Yorkyesterday.

Speaking at the 16^th Annual Industry Leaders Luncheonsponsored by the Eastern Chapter of PLUS (Professional LiabilityUnderwriting Society), Ryan, current chairman and chief executiveofficer of Ryan Specialty Group, LLC, says the insurance industryremains “a great industry” offering lots of opportunities forindividual success for budding entrepreneurs.

Ryan founded the wholesale brokerage firm RSG in 2010 after abrief retirement.

He says he started up RSG because the insurance industrycontinues to offer an entrepreneur great opportunities, and beingan entrepreneur himself, he could not escape the pull of starting anew business again.

Timing was not an issue, he says, reasoning that “the best timeto do it is now because you can't pick your opportunity in lifewhen to start a business.”

He says another driving force is the appeal of doing somethingthat has “a powerful impact” to benefit others. Without insurance,he continues, commerce would not have developed to the global scaleit has today and “I like the idea of having an impact on what we doin life.”

Because insurance is a creative industry that aims to solve theproblems behind risk, it must attract great talent, he says, andthat is the heart of any organization. He says that “the quality oftalent” is also how brokers differentiate themselves in the eyes oftheir clients.

Ryan says his heart has always been in specialization, and thatis why he is where he is today. He advised producers that if theyare good at what they do, they should evolve their talent intodeveloping a specialty and “you will be employed forever.”

Communication is another key component to success, he says,which means that producers need to be good listeners. Being a goodlistener is a major factor in changing minds, he observes.

“You can sell to anyone if you listen and address theirconcerns,” says Ryan.

He says these characteristic foundations for any producer gointo making the culture of an organization.

Speaking to NU Online News Service after his address, Ryan sayshe does not think the insurance marketplace is going through anydramatic pricing change yet and that it is too early in the cyclefor that happen. He also notes that there is too much capacityremaining in markets.

For the most part, pricing remains great for clients, but freemarkets still determine if clients with severe loss history willget significant price hikes, he says.

When asked about Aon's announcement that it is planning to move toLondon, he says hehas no opinion.

He had the same response to the announcement that Willis GroupHoldings would begin to accept contingent commissions on employee benefitsbusiness. Willis made the announcement Wednesday during itsearnings report, saying that changes in compensation structure fromhealth-care reform made it necessary to do so in order to remainprofitable.