NU Online News Service, Dec. 23, 12:15 p.m. EST
Aon's founder and former chief executive is embarking on a new insurance venture with the launch of a brokerage firm specializing in errors and omissions coverage for niche risks.
The former chief executive for Chicago-based insurance broker Aon Corp., Patrick G. Ryan, has joined three others in the formation of ThinkRisk Underwriting Agency, based in Kansas City, Mo.
According to the firm's Web site (ThinkRiskIns.com), it is a managing general underwriter specializing in providing E&O underwriting and claims management services for media, technology, advertising, privacy and network security.
Mr. Ryan will serve as chairman for the new company. He is joined by:
o Chad Milton, who spent nine years at Marsh as the national practice leader for Media and Intellectual Property.
o Leib Dodell, who was president and chief executive officer of Media/Professional Insurance. Before joining that company, he worked at Chubb.
o Debra McClenahan, who was CEO of Aon Underwriting Managers from 2004 to 2007, and worked at CNA prior to that.
"My investment in ThinkRisk reflects what I see as a real need to manage modern liability challenges," said Mr. Ryan in a statement. "ThinkRisk's founders identified a significant gap in today's insurance business and can provide a unique, seamless suite of coverages to complement these changing times, industries and business practices."
"Media and technology companies are facing an increasing number of risks and liabilities in the rapidly changing electronic era," said Mr. Milton. "Our highly experienced team of insurance professionals can provide clients with holistic solutions where risks converge."
In an interview with National Underwriter, Mr. Dodell said that ThinkRisk recognizes that many media and entertainment ventures are melding traditional distribution with technology, something other insurer's have not recognized. The firm's aims is to breakdown the traditional silos of coverage. Coverage will take into account the growing use of Web content and social media by these corporations.
He went to say that the firm, which is not affiliated with Aon, is open to all size risks, and plans to open for business in February.
ThinkRisk's coverage will be underwritten by Great American Insurance Group, a specialty insurance provider.
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