Ryan Specialty Group (RYAN) Investor presentation summary

Business overview and market position

• Operates as a leading specialty insurance firm, ranking #2 in wholesale brokerage and #1 in delegated underwriting authority by 2025 premium volume.

• Connects over 35,000 retail brokers to specialized capacity providers and manages $32bn in premiums placed.

• Maintains a broad client base with 350+ carrier trading partners and high producer/underwriter retention rates.

• Offers a balanced revenue mix: 52% wholesale distribution and 48% delegated underwriting authority.

• Expanded into reinsurance, alternative capital, and benefits, diversifying revenue streams.

Growth, innovation, and differentiation

• Achieved 26% revenue CAGR and 31% adjusted EBITDAC CAGR from 2019–2025, with 93% total shareholder return since IPO.

• Differentiation driven by scale, proprietary data, innovation, and a disciplined capital allocation framework.

• Focuses on product innovation, expanding total addressable market in both wholesale and delegated authority segments.

• Attracts and retains top talent, with 97% producer and 96% underwriter retention and a robust development program.

• M&A strategy compounds growth, with 63 deals since founding and $530M in acquired revenue.

Financial performance and capital management

• Revenue reached $3.2bn and adjusted EBITDAC $1.0bn in 2025, with strong organic growth and margins.

• Maintains sufficient liquidity, $1.0bn RCF capacity, and a leverage corridor of 3–4x on a credit basis.

• Increased quarterly dividend by 8% in 2026 and expanded share repurchase authorization to $600M.

• Asset-light model supports strong free cash flow and disciplined capital allocation, prioritizing growth investments.

• Holds stable credit ratings (Moody's Ba3, S&P BB-, Fitch BB+).