Ryan Specialty Group Holdings Inc
NYSE:RYAN
Ryan Specialty Group Holdings Inc
In the bustling world of insurance, Ryan Specialty Group Holdings Inc. has carved out a distinctive niche, weaving its expertise into the fabric of the specialty insurance market. Founded by industry stalwart Patrick G. Ryan in 2010, the company has grown to become a formidable player in the wholesale brokerage and managing general agency markets. With its headquarters in Chicago, Ryan Specialty provides a critical bridge between insurance carriers and retail insurance brokers, addressing complex and non-standard insurance needs that demand bespoke solutions. The company's ethos revolves around specialization, offering tailored solutions across sectors like healthcare, transportation, and cyber insurance, thereby addressing unique risks that conventional insurers often shy away from.
Ryan Specialty Group's financial engine is fueled by a diverse array of services that generate revenue through brokerage fees, commission income, and underwriting profits. Acting as an intermediary, the company doesn’t take on the risk themselves; instead, they arrange insurance policies that are often customized to the client's specifications via an extensive network of insurer partners. This unique positioning not only helps mitigate traditional market risks but also ensures stable revenue streams in varying economic climates. As such, Ryan Specialty effectively capitalizes on the growing demand for specialized risk management, positioning itself as a key player in the ever-evolving insurance marketplace, where adaptability and innovation drive sustained growth.
In the bustling world of insurance, Ryan Specialty Group Holdings Inc. has carved out a distinctive niche, weaving its expertise into the fabric of the specialty insurance market. Founded by industry stalwart Patrick G. Ryan in 2010, the company has grown to become a formidable player in the wholesale brokerage and managing general agency markets. With its headquarters in Chicago, Ryan Specialty provides a critical bridge between insurance carriers and retail insurance brokers, addressing complex and non-standard insurance needs that demand bespoke solutions. The company's ethos revolves around specialization, offering tailored solutions across sectors like healthcare, transportation, and cyber insurance, thereby addressing unique risks that conventional insurers often shy away from.
Ryan Specialty Group's financial engine is fueled by a diverse array of services that generate revenue through brokerage fees, commission income, and underwriting profits. Acting as an intermediary, the company doesn’t take on the risk themselves; instead, they arrange insurance policies that are often customized to the client's specifications via an extensive network of insurer partners. This unique positioning not only helps mitigate traditional market risks but also ensures stable revenue streams in varying economic climates. As such, Ryan Specialty effectively capitalizes on the growing demand for specialized risk management, positioning itself as a key player in the ever-evolving insurance marketplace, where adaptability and innovation drive sustained growth.
Revenue Growth: Ryan Specialty surpassed $3 billion in annual revenue for 2025, up 21% year-over-year, marking its 15th straight year of double-digit organic growth.
Organic Growth Outlook: The company guided for high single-digit organic revenue growth in 2026, a moderation from 2025 due to continued property pricing pressures and more moderate casualty growth.
Margins: Adjusted EBITDAC margin declined to 31.7% for the year (from 32.2%), impacted by significant talent and technology investments. 2026 margin is expected to be flat to moderately down.
Restructuring Program: Announced ‘Empower,’ a 3-year restructuring expected to yield $80 million in annual savings by 2029, with a cumulative special charge of about $160 million through 2028.
Shareholder Returns: Initiated a $300 million share repurchase program and raised the quarterly dividend by 8% to $0.13 per share.
Property Headwinds: Management flagged a challenging property market, with Q4 seeing rate declines of 25%–35% on large accounts, expected to persist in 2026.
AI and Efficiency: Management views AI as an enabler for efficiency and client service, not a threat to the broker model.
M&A Focus: Completed 5 acquisitions in 2025, adding over $125 million in trailing revenue, and reaffirmed M&A as the top capital allocation priority.
