Ryan Specialty Group (RYAN) Investor presentation summary

Business model and scale

• Ranked #2 in wholesale brokerage and #1 in delegated underwriting authority by 2025 premium volume; placed ~$32bn and ~$15bn of premiums, respectively.

• 2025 revenue was $3.1bn and adjusted EBITDAC was ~$1.0bn; 35k+ retail brokers and 350+ carrier trading partners support distribution at scale.

• Wholesale brokerage connects brokers with specialty capacity for complex risks; delegated underwriting designs, binds, administers, and services risks for carrier partners.

• Specialty distribution mix was 52% wholesale and 48% delegated underwriting authority, based on 9/30/26 LTM net commissions and fees.

Differentiated platform and talent

• Combined wholesale and delegated underwriting platforms provide a broad view of specialty risk, proprietary data, carrier relationships, and capacity to develop bespoke solutions.

• Wholesale expertise spans property, casualty, and professional lines; 82% of written premium was non-admitted as of 12/31/25.

• Delegated underwriting spans 300+ products across 160+ facilities; ~2/3 of premium is syndicated across multiple carriers, with underwriting profitability driving compensation.

• Producer and underwriter retention averaged 97% and 96%, respectively, over 2021-2025; 71% of producers grew their book in 2025.

• 2025 producer hiring class was the second largest to date; new hires typically cover costs by year two and reach target margins by year three.

Market opportunity and growth strategy

• E&S share of North American commercial P&C premiums rose from 7% in 2000 to 27% in 2025; 2000-2025 E&S CAGR was 10.6%, versus 3.7% for admitted premiums.

• MGA market grew at an 11% CAGR over the prior 10 years, supported by demand for specialized underwriting, efficient carrier access, and innovative products.

• Addressable markets include ~$140bn in E&S wholesale, ~$60bn in specialty admitted, ~$125bn in MGA/MGU, ~$110bn in reinsurance, ~$135bn in alternative capital, and ~$40bn in medical stop loss.

• Deployed 63 M&A deals since founding; acquired revenue totaled ~$530mn. Strategy targets complementary, accretive businesses with cultural fit and supports integration through shared capabilities and infrastructure.

• Empower is intended to streamline broking and underwriting, optimize the platform, and accelerate data and technology investment; stated goal is modest margin expansion in most years.