Greg Provenzo Appointed Director of London Markets at RT Specialty

RT Specialty, a division of Ryan Specialty, has appointed Greg Provenzo as Director of London Markets & Delegated Authority. This strategic move positions Provenzo within the leadership team of RT Binding Authority. With over two decades of expertise in underwriting and broking, particularly with Lloyd's of London syndicates, Provenzo is set to impact the operations profoundly.

In his new role, Provenzo takes over from Dave Adcock, transitioning full responsibilities to Adcock, who has led RT's national personal lines practice since its acquisition of Atlantic Specialty Lines in 2019. Under Provenzo's stewardship, RT Binding Authority will focus on managing syndicate and carrier relationships, developing underwriting strategies, and overseeing delegated authority portfolios.

Seth Johnson, CEO of RT Binding Authority, highlighted Provenzo’s indispensable contributions, stating, "Greg's promotion reflects his proven ability to build strong syndicate relationships and drive profitable growth as we continue to expand our relationship with London." Provenzo himself expressed eagerness to contribute further, reinforcing RT Specialty's growth trajectory.

The promotion occurs amid rising capacity within the London market, particularly influenced by the expanding U.S. surplus lines premiums, surpassing $81 billion in 2024. This comes as standard carriers retreat from risks associated with severe weather, cyber exposure, and emerging technologies, pushing wholesale brokers to bridge the gap with their carrier partners.

Binding authority agreements have become integral for U.S. retail agents seeking specialty capacity access, including resources from Lloyd's syndicates. Ryan Specialty's strong financial results reflect this trend, with a significant rebound in net income driven by robust premium growth.

This promotion aligns with the growing importance of delegated authority in the Lloyd's market, wherein delegated underwriting represents a considerable share of Lloyd's premium income. Recently, Ryan Specialty Underwriting Managers secured a 15% share in its global delegated underwriting portfolio, marking a strategic leap forward.

Provenzo's new role ties into RT Specialty’s broader leadership transition. As Ed McCormack assumes the vice chairman role and Brendan Mulshine becomes CEO, the company underscores its focus on strengthening ties with the London market, coinciding with the expansion of delegated authority in both Lloyd's and the U.S. E&S market.