May 02--For the first time in its 80-year history, a Ryan won't be leading the Minneapolis development firm Ryan Cos.

Pat Ryan, grandson of founder James Henry Ryan, will step down as chief executive next month and be succeeded by Brian Murray, who has been a co-owner and chief operating officer since 2009.

Ryan has led the company since 2008, a time when it spearheaded redevelopment of the east side of downtown Minneapolis, built CHS Field in St. Paul and the Target Corp. northern campus in Brooklyn Park.

He will become chairman of the board of directors for the firm, succeeding Tim Gray, a longtime executive and co-owner who will take the title of chairman emeritus.

In a statement, Ryan said, "I warned my colleagues that they can expect to see my face around the office for a long time to come, but I'm also planning to spend more time with my family."

Murray, who joined the company in 2009, has helped lead Ryan's day-to-day operations for the last five years.

"It's a tremendous honor to take on an expanded leadership role at Ryan and to follow in the footsteps of a great leader like Pat," Murray said in a statement. "This is an important time for our company as we look ahead to future opportunities. In a world where the pace of change is accelerating, we need to innovate and change while maintaining our strong culture."

In a recent interview with the Star Tribune, Ryan, 64, talked about possible retirement.

"When you are an owner of a company and an operator of a company, you don't have to quit," he said. "You just have to be smart enough to let go at the right time."

Tuesday's announcement of the leadership changes is part of a company succession plan formulated over several years. Another co-owner, Jeff Smith, will become president and another, Mike McElroy, will be the new chief investment officer.

"We [have] a great team," Ryan said in March. "The fact of the matter is I can be hit by a bus tomorrow and the company wouldn't miss a beat. ... I don't believe in legacies. There's a company legacy. Nobody should have a personal legacy. Politicians can do that."

Ryan will remain involved in the company and focus on helping in capital markets and real estate development as well as spending more time with key customers.

Founded in 1938, Ryan Cos. has expanded its reach to national development projects as well as local ones. Ryan Cos. was responsible for much of the immediate development around the new U.S. Bank Stadium that now makes up a large swath of the East Town district including the Wells Fargo towers, Radisson Red hotel and the Edition apartments.

In March, the company unveiled plans for a condo tower called Eleven on the River that would be built in the Mill District of Minneapolis.

Ryan Cos. generates most of its revenue from work on national build-to-suit offices, industrial distribution buildings, senior housing complexes, health care facilities and retail developments.

___

(c)2018 the Star Tribune (Minneapolis)

Visit the Star Tribune (Minneapolis) at www.startribune.com

Distributed by Tribune Content Agency, LLC.

Virginia became the third state to address growing concerns about Atlantic Coast Life Insurance Co.'s financial health. In a settlement revealed Friday, Atlantic Coast has agreed to stop writing new insurance business in Virginia starting Nov. 1.

The insurer faces rehabilitation proceedings in South Carolina over its financial condition. Florida also suspended Atlantic Coast from writing new policies in the Sunshine State.

The Virginia State Corporation Commission approved the settlement Thursday, accepting the South Carolina-domiciled insurer’s offer to halt new business without admitting or denying the state’s allegations that it is in a hazardous financial condition.

The commission’s Bureau of Insurance alleged that a review of Atlantic Coast’s financial filings over the previous 12 months showed the company was in a hazardous financial condition under Virginia law.

Under the order, Atlantic Coast Life cannot issue new insurance contracts or policies in Virginia beginning Nov. 1. Its agents must also stop transacting new business on the insurer’s behalf until the commission issues further orders.

The company may continue renewing existing policies that are guaranteed renewable or noncancellable. It also must continue paying claims and servicing policies in force in Virginia or covering Virginia residents.

The settlement leaves open the possibility of changes before the restrictions take effect. Atlantic Coast Life and the Bureau of Insurance must confer before Nov. 1 to determine whether developments in mediation with the South Carolina Department of Insurance or other events warrant reconsideration of the order.

Bloomberg: Oaktree deal off

In other Friday developments, Bloomberg reported that a deal announced earlier this year between Advantage Capital Holdings, parent of Atlantic Coast Life, and Oaktree Capital Management is off.

A-Cap announced the deal in March for Oaktree to acquire a controlling stake in Atlantic Coast, while also providing capital to Sentinel Security Life Insurance Co. Oaktree is no longer pursuing the deal, Bloomberg reported.

In a statement to InsuranceNewsNet, an A-Cap spokesperson said, "We are continuing to work constructively with Oaktree on a transaction structure that will meet the approval of the South Carolina Department of Insurance.”

Three developments cited

The Virginia commission identified three developments that could justify proposed modifications: Withdrawal of South Carolina’s rehabilitation petition; a capital raise of at least $50 million at Advantage Capital Holdings with agreed-upon amounts contributed to the insurer; or the filing of a Form A seeking to transfer control of Atlantic Coast Life to a new owner.

The bureau did not commit whether it would support any proposed changes.

Atlantic Coast waived its right to a hearing and submitted its settlement offer in an Oct. 6 letter signed by Chief Legal Counsel and Secretary Jill Gettman. The commission retained jurisdiction over the matter and may initiate a show-cause proceeding or take other action if the company fails to comply with the order.

The Virginia action adds to regulatory pressure on Atlantic Coast Life. South Carolina regulators have petitioned to place the insurer and its subsidiary, Southern Atlantic Re, into rehabilitation.

Florida’s insurance regulator separately suspended Atlantic Coast Life’s certificate of authority, effective Sept. 30, barring it from soliciting or accepting new or renewal business in that state while requiring it to continue servicing existing policies.

© Entire contents copyright 2026 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.