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Strategic Advisor·Insurance Brokerage

Michael G. Bungert

Board Member at Ryan Specialty

Chicago, IL (based on Aon Re / Ryan Specialty headquarters; exact residence not publicly confirmed)

MG
Why they matter

Recently retired Aon Re Global chairman now sits on Ryan Specialty's board, giving him current insight into reinsurance broker consolidation and RYAN's strategic direction.

Background

Michael G. Bungert is a nearly five-decade reinsurance veteran whose entire senior career was built at Aon, where he became CEO of Aon Re in 1998 and later Chairman of Aon Re Global from 2013 until his retirement in 2024. He began his career in 1977 as an underwriter trainee at Continental Casualty Company, moving through CNA Re, Thomas A. Greene Inc. Intermediaries, and finally Aon Re in 1989. In September 2025 he joined the Board of Directors of Ryan Specialty Holdings, Inc. (NYSE: RYAN), serving on its Compensation and Governance Committee.

Notable deals

  • 2025
    Appointed to the Board of Directors of Ryan Specialty Holdings, Inc. (NYSE: RYAN) and assigned to its Compensation and Governance Committee
  • 2013
    Named Chairman of Aon Re Global, leading the reinsurance intermediary's global chairmanship for 11 years until retiring in 2024
  • 1998
    Became CEO of Aon Re, leading Aon's reinsurance brokerage business

Call-prep brief

Michael G. Bungert — Call Prep Brief

Background

  • 47-year reinsurance career, almost entirely at Aon: underwriter trainee (1977) → CNA Re (1979) → Thomas A. Greene Inc. Intermediaries (1984) → Aon Re (1989) → CEO of Aon Re (1998) → Chairman, Aon Re Global (2013–2024)
  • Retired from Aon in 2024; joined Ryan Specialty Holdings' Board of Directors in September 2025 (Compensation and Governance Committee)

Current focus

  • Board-level governance and compensation oversight at Ryan Specialty, a fast-growing specialty insurance distribution/underwriting platform (NYSE: RYAN)
  • Likely staying close to reinsurance market dynamics (capacity, pricing cycles, MGA/broker consolidation) given his background

What he cares about

  • Reinsurance market discipline and underwriting quality — themes he championed across a 26-year run atop Aon Re
  • Talent and succession in specialty/reinsurance broking, a frequent theme in his public comments about Ryan Specialty's team

Recent moves

  • Left day-to-day operating role at Aon entirely (no operating title since 2024) — now purely a non-executive director at Ryan Specialty

Potential sensitivities

  • May be reluctant to discuss Aon's current strategy or competitive positioning given his long tenure and ongoing goodwill there
  • As a sitting RYAN director, any comments on RYAN's M&A pipeline or valuation could be constrained by fiduciary/disclosure obligations

Questions to ask

  1. What underwriting or capacity trends in reinsurance are most relevant to specialty MGA/brokerage valuations right now?
  2. How is Ryan Specialty's board thinking about further M&A/consolidation in wholesale and MGA distribution?
  3. What lessons from scaling Aon Re Global would he apply to evaluating a growth-stage MGA platform?

Outreach draft

Subject
Reinsurance Veteran's View on Ryan Specialty
Hi Michael, I came across your appointment to Ryan Specialty's board following your 11 years chairing Aon Re Global, and I'd value your perspective. We're a private equity team evaluating opportunities in the insurance brokerage and MGA space, and your vantage point on reinsurance capacity, underwriting discipline, and broker consolidation would be incredibly useful as we sharpen our thesis. Would you have 20-30 minutes in the coming weeks for a call? Happy to work around your schedule, and glad to share more about what we're looking at in advance. Best regards, [Your Name]

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