President, Ricco Family Partners
Ricco Family Partners, LTD
Ricco Family partners, LTD has been building quality commercial properties since 1972 and initially built properties to house his insurance agencies and expanded into Realty portfolios. In 1990, after acquiring 44 insurance agencies and 45 buildings Nicholas Ricco, as part of a retirement plan, began the sale of these properties. All that remains is a 17 home site development in the Rockport-Fulton area, 35 miles north of Corpus Christi and four commercial buildings in the Metroplex. He continues investments of Real estate lending and Bond and equity management.
More and personal:
Nicholas D. Ricco and Ann G. Ricco of Dallas for 39 years have successfully raised six children, 15 grandchildren ages two to 29 years and three great-grandchildren, all of whom are partners of RICCO FAMILY PARTNERS, LTD.
Nicholas (Nick) D. Ricco was born in New York City in 1932 attended James Madison H. S. then Fordham University for one year before enlisting in the U.S. Air Force in 1952. He was commissioned as a 2nd Lieutenant in September 1953 as a Navigator and Bombardier and assigned as an instructor to Strategic Air Command B-47 and B-52 Air Force pilots and navigators from 1953 to 1959. Although specialized in radar bombing, Lt. Nicholas Ricco attended every school of this extensive wartime skills program and became sufficiently proficient to teach all phases including nuclear weapons, meteorology and world wide navigation.
He terminated his active duty in 1959 to attend the University of North Texas to obtain a BBA with Banking as a major with an Accounting minor but continued to fly with the Air Force Reserves. While in school, a personal accident requiring hospitalization for Nicholas Ricco created an interest in health insurance which led to training and sales in life, health and then property and casualty insurance. This new career field provided a financial opportunity, which evolved into a lifetime career in 1962, when American General Insurance Company offered a managerial position at a time when personal resources had become strained. Graduate school was then put on hold.
In 1963, while contemplating release from the Air Force Reserve after 11 service years, the Navy recruited then Captain Nicholas D. Ricco, due to his aviation skills to teach long range world wide aviation navigation to Reservists since it had evolved to that arena in the active forces but not in the Navy Reserve. The appointment as Navy Lieutenant led to exciting new career fields and education totally foreign to most civilians and military alike. Oceanography and Cryptography were a few of the disciplines garnered over the next twelve years along with the confrontations with Cold War opponents.
Nicholas D. Ricco was the first pilot in the Navy and Naval Reserves to be appointed as Executive Officer and Commanding Officer of Naval flying squadrons and other Naval operational units as well as the first Naval Flight Officer appointed to a Naval Officer promotion Board. An interesting side note is that Nicholas D. Ricco served one year in the 107th infantry Regiment in New York City and attained the rank of Private First Class at the age of 16 but was released when it was discovered he was underage.
Along with this military career change in 1964, a program of acquisition of property and casualty insurance agencies began, leading to the accumulation of 44 agencies by 1987. Real estate development commenced in 1971 with the building of and eventual acquisition of 21 commercial properties and 20 residential properties, plus joint ventures involvement.
In 1974, Nicholas D. Ricco, due to the pressures of his expanding business, sought release from the U.S. Navy Reserves in which he held the rank of Commander.
In 1990, divestiture of holdings became a goal as part of a retirement plan that is still ongoing. Re-entry into the academic world as a student began in 1999 with enrollment at the University of North Texas for a master’s degree in journalism for which he has accumulated 36 hours. He hopes to write extensively and teach some of his skills to others.
Other and current Interests
Nicholas was a National Director of the Navy League of the United States and of the United States Sea Cadet Corp., a youth group in Navy uniforms in schools throughout the country. He is instrumental in bringing crews of Navy ships to Dallas and honoring them in the annual Veterans’ Day Parade as well as proving annual awards for 35 Sailors, Marines, Air Force and Army persons who are designated the best of their units in the State of Texas. Ricco was awarded the Distinguish Service Award in 2004 for his services to the Navy and the Navy League of the United States
He has served on the University Of North Texas College of Business Advisory Board (COBA) and presently the School of Music Advisory Board and the Mayborn Graduate School of Journalism. He and his family are quite active in the support of the various colleges of UNT with dozens of scholarships as well as supporting numerous civic activities in Dallas and Tarrant County. He was awarded the Distinguished Alumni designation by UNT in 2003 and again in 2007.