• The Goldman Sachs of specialty insurance brokerage.
• The McKinsey of difficult-to-place insurance risks.
• ASML for the specialty insurance market.

• Wholesale Brokerage: Connecting retail insurance agents and brokers with specialty insurance carriers to secure coverage for complex and challenging risks.
• Binding Authority: Providing retail brokers with direct access and delegated authority to place specific types of specialty insurance coverage on behalf of partner carriers.
• Underwriting Management (MGUs): Designing and administering specialized insurance programs, including underwriting, policy issuance, and claims management, on behalf of insurance carriers for niche market segments.
• Proprietary Programs: Developing and managing bespoke insurance solutions tailored for unique industries, professions, or complex risk profiles that are difficult to place in the standard market.

Ryan Specialty (RYAN) - Major Customers

Ryan Specialty (NYSE: RYAN) is a leading international specialty insurance firm that primarily sells its services to other companies rather than directly to individuals. The company's business model encompasses two main platforms:

• Wholesale Brokerage: Facilitating the placement of complex or hard-to-place specialty insurance risks for retail insurance brokers with specialty insurance carriers.
• Underwriting Management: Acting as a delegated authority for insurance carriers and reinsurers to underwrite and bind coverage for specific programs and products.

According to Ryan Specialty's annual filings (10-K), the company does not have any single "major customer" that accounts for 10% or more of its total commissions and fees. Their client base is highly diversified; no single retail broker client or carrier partner met this disclosure threshold in 2023, 2022, or 2021.

However, the company serves two primary categories of business customers:

• Retail Insurance Brokers: These are the professional intermediaries who directly advise businesses and individuals on their insurance needs. Ryan Specialty provides them access to a broad market of specialty insurance options. The company serves approximately 15,000 retail brokers across the U.S. and internationally.
• Insurance Carriers and Reinsurers: These are the entities that provide capital and assume the underlying insurance risk. Through its underwriting management platform, Ryan Specialty works on behalf of approximately 60 insurance carriers and reinsurers globally.

Due to the broad distribution of its customer base across these two categories of companies, specific names of individually significant major customers are not applicable or disclosed.

Patrick G. Ryan, Executive Chairman

Patrick G. Ryan founded Ryan Specialty in 2010. Prior to that, he founded Aon Corporation in 1965 and served as its Chairman and CEO for 41 to 44 years. Upon his retirement from Aon, the company had over 500 offices in 120 countries and annual revenues exceeding $7 billion. Mr. Ryan also founded a college scrapbook business during his undergraduate years to fund his education.

Timothy W. Turner, Chief Executive Officer

Timothy W. Turner became Chief Executive Officer of Ryan Specialty on October 1, 2024. He joined Ryan Specialty in 2010 and was instrumental in creating and developing RT Specialty, the company's wholesale brokerage unit, into a leading distributor of specialty insurance solutions. Mr. Turner has over 37 years of experience in the insurance industry, including a tenure as President of CRC Insurance Services, Inc.

Janice M. Hamilton, Chief Financial Officer

Janice M. Hamilton was promoted to Chief Financial Officer of Ryan Specialty on October 1, 2024. She has been with Ryan Specialty for over six years, serving as Chief Accounting Officer since 2021 and previously as Controller from 2018 to 2022. Ms. Hamilton has more than 20 years of experience in both U.S. and international insurance markets, and prior to joining Ryan Specialty, she served as CFO for AmTrust International.

Jeremiah R. Bickham, President

Jeremiah R. Bickham became President of Ryan Specialty on October 1, 2024. He previously served as Chief Financial Officer since 2021, and before that, he was Treasurer for nearly six years and Head of Corporate Development. Mr. Bickham joined Ryan Specialty in 2011 and played a critical role in establishing the company's treasury department and was significantly involved in the firm's merger and acquisition activities, leading that function from 2018 to 2021. Before joining Ryan Specialty, he worked at KPMG, LLP as a research analyst and in the audit practice. He is a Certified Public Accountant and holds an MBA from the Kellogg School of Management at Northwestern University, as well as a Master of Professional Accounting and a Bachelor of Business Administration from the University of Texas at Austin.

Miles Wuller, Executive Vice President, Chief Operating Officer

Miles Wuller serves as the Executive Vice President and Chief Operating Officer of Ryan Specialty Group.

The key risks to Ryan Specialty's business operations include softening market conditions and pricing pressure, challenges in expense management, and the impact of broader macroeconomic conditions.

1. Softening Market Conditions and Pricing Pressure: Ryan Specialty is facing increased competition and a deceleration in pricing power within the property and casualty (P&C) insurance sector, particularly in surplus lines. The Excess and Surplus (E&S) insurance market, where Ryan Specialty is a prominent player, is experiencing softening pricing, with average rate decreases for property lines estimated between 12.5% and 22.5%. Specifically, property rate reductions of 20% to 30% are anticipated due to benign hurricane activity. This environment places significant pressure on the company's margins and organic growth rates, leading to a downward revision of its full-year 2025 organic growth guidance.

2. Expense Management: The company has encountered challenges with higher-than-expected expenses, which have impacted its overall profitability and led to missed earnings expectations in recent quarters. Difficulties in managing general and administrative costs, along with employee compensation, have specifically affected Ryan Specialty's bottom line. This trend could hinder the company's ability to achieve its target of a 35% adjusted EBITDAC margin by 2027.

3. Macroeconomic Conditions: Ryan Specialty's growth, particularly in lines such as project-based construction and M&A transactional liability insurance, is partially dependent on broader macroeconomic factors. Periods of economic decline, tight credit markets, and persistently elevated borrowing costs can dampen underlying business activity, thereby creating headwinds for the company's growth and premium volumes.

1. Organic Expansion through New Business and Deepening Client Relationships: Ryan Specialty consistently emphasizes its ability to win substantial new business and maintain high renewal retention as a key driver of organic revenue growth. The company aims to deepen and broaden its relationships with existing retail brokers and access a vast network of insurance brokerage firms. This strategy has been a consistent factor in their strong organic growth performance.
2. Strategic Acquisitions (M&A): A disciplined, long-term M&A strategy is a significant component of Ryan Specialty's growth. The company actively targets high-quality businesses with differentiated talent to expand capabilities and market presence. Recent acquisitions have contributed meaningfully to their top-line revenue.
3. Expansion of the Excess & Surplus (E&S) Market: Ryan Specialty is strategically positioned in the rapidly expanding E&S market, which continues to outpace the admitted market's growth. The increasing complexity of risks and the steady flow of business into the E&S channel are structural tailwinds that are expected to drive long-term growth for the company.
4. Leveraging Delegated Underwriting Authority and New Product Development: The company's leadership in delegated underwriting authority and its focus on creating proprietary products and launching new Managing General Underwriters (MGUs) and programs are vital for growth. Ryan Specialty capitalizes on market needs to enhance its product capabilities.
5. Talent Acquisition and Development: Attracting, retaining, and developing top-tier talent, including through new hires and de novo operations, is a strategic avenue for growth. Ryan Specialty's focus on human capital ensures it has the specialized intellectual capital to generate new business and maintain its competitive edge.

• Ryan Specialty has reported $0.00 in annual share buybacks, indicating no significant share repurchases have been made.

• Ryan Specialty completed its Initial Public Offering (IPO) on July 22, 2021, by issuing 57 million shares of Class A common stock at $23.50 per share, resulting in gross proceeds of $1,337.6 million.
• The company received net proceeds of approximately $1,259.1 million from the IPO.
• As of February 17, 2025, Ryan Specialty had 261,905,901 shares of common stock outstanding.

• In September 2025, Ryan Specialty launched Ryan Alternative Capital Re, Ltd., a collateralized reinsurance sidecar, which secured approximately $400 million in funding from investment firms Flexpoint Ford, LLC and Sixth Street.

• Ryan Specialty acquired All Risks in September 2020.
• In 2024, the company completed seven acquisitions, adding over $265 million in annualized revenue, which included Castel Underwriting Agencies Limited, US Assure Insurance Services, and Innovisk Capital Partners.
• In 2025, significant acquisitions included USQRisk Holdings, LLC (completed May 1, 2025) for approximately $11 million in incremental operating revenue, 360° Underwriting (May 2025), J.M. Wilson Corporation (agreement in June 2025) for approximately $19 million of operating revenue, and Stewart Specialty Risk Underwriting Ltd. (agreement in October 2025) for approximately CAD$18 million (USD$13 million) in operating revenue.