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.

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OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa+” (Superior) of Berkshire Hathaway Life Insurance Company of Nebraska (BHLN) (Omaha, NE). In addition, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of First Berkshire Hathaway Life Insurance Company (First Berkshire Hathaway Life) (New York, NY). The outlook of these Credit Ratings (ratings) is stable.

BHLN’s ratings reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

BHLN has continued to produce favorable capital growth. In large part, the company's growth heading into 2024 was attributed to realized gains from the sale of unaffiliated equity holdings, driving annual net income to over $3 billion dollars. Irrespective of that recently realized gain, the subsequent 2025 performance proved a longer-term trend of investment income growth from an enhanced net yield on invested assets. The company’s core net investment income moderated slightly to $717.6 million in 2025, down from $732.0 million, maximizing capital accumulation without relying on one-time market sales.

Furthermore, the company encountered less operational strain across both years following the suspension of new business initiated in 2023. This deliberate approach allowed BHLN to run an exceptionally efficient balance sheet throughout 2024 and 2025, as the company awaits more favorable macro-economic conditions for its structured settlement business.

The ratings of First Berkshire Hathaway Life reflect its balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, limited business profile and appropriate ERM.

Like BHLN, 2024 also represented First Berkshire Hathaway Life’s second full year of no new sales, which along with improved investment income, led to its best net earnings result in over five years of nearly $6.3 million. Despite this result, the company still lags the industry average for return on equity due to the amount of excess capital that it holds. AM Best notes that First Berkshire Hathaway Life’s balance sheet continues to be highly liquid, with most invested assets held in cash and short-term securities. AM Best also notes that both BHLN and First Berkshire Hathaway Life receive substantial financial, operational and other resource support from their parent company, National Indemnity Company.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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Mitul Patel
Senior Financial Analyst

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Edward Kohlberg
Director

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Christopher Sharkey
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Source: AM Best