Ryan Specialty Holdings, Inc.
ryanspecialty.comWhat Do They Do?
Places specialty insurance policies for retail brokers and agents, and provides underwriting services to insurance carriers.
10-K for FY2025, filed Feb 13, 2026Founded by Patrick G. Ryan in 2010, Ryan Specialty is an international specialty insurance intermediary that provides specialty products…View ↗
For retail insurance brokers, we assist in the placement of complex or otherwise hard-to-place risks. For insurance carriers, we work with…View ↗
Carriers: Insurance carriers, ranging from Lloyd’s syndicates to multi-line underwriters and E&SView ↗
How Do They Make Money?
Retail agents and brokers pay commissions and fees tied to premiums or services; commissions are earned when coverage is bound and issued. Carriers also pay volume- or profitability-based commissions as eligible policies are placed, and underwriting management earns review fees when an agreement is signed.
10-K for FY2025, filed Feb 13, 2026Net commissions and policy fees revenue is primarily based on a percentage of premiums or fees received for an agreed- upon level of…View ↗
Supplemental and contingent commissions are additional revenues paid to the Company based on the volume and/or underwriting profitability…View ↗
Loss mitigation fees, or mergers and acquisitions (“M&A”) fees, consist of revenue earned from the review of due diligence and other…View ↗
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10-K for FY2025, filed Feb 13, 2026
FY2025 revenue by product or service (Net commissions and fees) ↗
$3.1B
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10-K for FY2025, filed Feb 13, 2026
$3.1B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Wholesale Brokerage
|
53%
FY2022: 66%
|
Wholesale Brokerage, FY2025
$1.6B Sources
|
|
Binding Authority
|
12%
FY2022: 14%
|
Binding Authority, FY2025
$370.2M Sources
|
|
Underwriting Management
|
34%
FY2022: 21%
|
Underwriting Management, FY2025
$1B Sources
|
Who Are Their Customers?
Retail brokers and agents use Ryan to place complex or hard-to-place insurance; insurance carriers use its brokerage network and underwriting services to reach brokers and handle specialty coverage.
10-K for FY2025, filed Feb 13, 2026
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 21 cents into free cash flow.
10-K for FY2025, filed Feb 13, 2026
$493.6MView ↗
10-K for FY2025, filed Feb 13, 2026
$63.4MView ↗
10-K for FY2025, filed Feb 13, 2026
$640.7MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
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Jul 30, 2026
Company updated its 2026 adjusted EBITDAC margin guidance
It maintained mid-single-digit organic revenue growth guidance and projected adjusted EBITDAC margin down 50 - 100 basis points versus the prior year.
Sources
8-K, filed Jul 30, 2026
We are guiding to an Organic Revenue Growth Rate in the mid-single digits for 2026 We are guiding to an Adjusted EBITDAC Margin that is…View ↗
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Apr 30, 2026
Company issued 2026 organic growth and adjusted EBITDAC margin guidance
It guided to mid-single-digit organic revenue growth and an adjusted EBITDAC margin down 100 - 150 basis points versus the prior year.
Sources
8-K, filed Apr 30, 2026
We are guiding to an Organic Revenue Growth Rate in the mid-single digits for 2026 We are guiding to an Adjusted EBITDAC Margin that is…View ↗
Growing. Revenue grew 2.1x in 4 years, from $1.4B in FY2021 to $3.1B in FY2025, about 21% a year.
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