Patrick Ryan Sr., the “father” of finance and insurance as a dealer service, will retire August 1 as executive chairman of Aon Corp.
While giving up his executive duties, Ryan, 70, says he will “continue to be a dedicated and interested shareholder” of the publicly-owned Aon.
In 1964, Ryan conceived the idea of dealers selling credit life and disability insurance policies to new-vehicle owners. He traveled ceaselessly to dealers in Illinois and Wisconsin, with his car truck stuffed with insurance policies and applications.
Aon operates more than 500 offices in 120 countries and, in 2007, generated revenue of more than $7 billion. In 2005, Aon CEO Gregory Case succeeded Ryan, who now is spearheading a movement seeking to bring the 2016 Summer Olympic Games to Chicago.