Here are 1-2 brief analogies for Ryan Specialty (RYAN):

• Like Sysco, but for specialty insurance: they distribute highly specialized insurance products and solutions to other insurance brokers and agents.
• Imagine Intel, but for the insurance industry: Ryan Specialty develops and manages the specialized 'brains' (underwriting programs) for niche insurance policies that other carriers utilize.

• Wholesale Brokerage Services: Ryan Specialty acts as an intermediary, facilitating the distribution of specialty insurance products from carriers to retail brokers and agents.
• Managing Underwriter (MGU) Services: Ryan Specialty provides comprehensive services including underwriting, product development, administration, and risk management on behalf of insurance carriers.

Ryan Specialty (RYAN) sells its products and solutions primarily to other companies within the insurance industry. Due to the nature of its business as a wholesale broker and managing underwriter, Ryan Specialty serves a broad and diversified client base rather than having a few identifiable "major customers" that account for a significant portion of its revenue.

According to its public filings, no single customer company accounts for a material portion of Ryan Specialty's total revenue. Instead, its customer base consists of a vast network of:

• Retail Insurance Brokers: These are the firms that interact directly with clients to understand their insurance needs and seek out appropriate coverage, often turning to wholesale brokers like Ryan Specialty for complex or specialty risks.
• Insurance Agents: Similar to brokers, these individuals or agencies connect clients with insurance products and utilize Ryan Specialty's expertise and access to specialty markets.
• Insurance Carriers: Ryan Specialty partners with insurance carriers to develop, underwrite, and distribute specialized insurance programs and products.

Patrick G. Ryan, Founder & Executive Chairman
A widely respected entrepreneur and global insurance leader, Patrick G. Ryan formed Ryan Specialty in 2010. Prior to launching Ryan Specialty, he founded Aon Corporation and served as its Chairman and CEO for 41 years. At the time of his retirement from Aon, the company had over 500 offices in 120 countries and generated revenues in excess of $7 billion. Mr. Ryan also founded Pat Ryan & Associates in 1964, a brokerage and underwriting agency. Ryan Specialty was seeded by founder capital and private investors.

Timothy W. Turner, CEO
Timothy W. Turner became CEO of Ryan Specialty on October 1, 2024. He initially joined Ryan Specialty in 2010 to establish and expand RT Specialty, Ryan Specialty's wholesale brokerage division, which has grown to be one of the top wholesale distributors of specialty insurance in the United States. Before joining Ryan Specialty, Mr. Turner served as President of CRC Insurance Services, Inc., which was one of the largest wholesale insurance brokers in the U.S. at the time. He joined the Crump Group in 1990 as a casualty broker and was later named President of its Chicago Office. His insurance career began in 1987 with A.J. Renner & Associates.

Janice M. Hamilton, CFO
Janice M. Hamilton was appointed Chief Financial Officer of Ryan Specialty on October 1, 2024. She possesses over 15 to 20 years of experience within both the U.S. and international insurance markets. Before her current role, Ms. Hamilton served as the Chief Financial Officer for AmTrust International, which oversees the non-U.S. operations of AmTrust Financial Services Inc. Her prior roles also include CFO of ANV and Finance Director for Jubilee Group Holdings, a former subsidiary of Ryan Specialty. Ms. Hamilton started her career with EY, where she provided audit services to insurance sector companies.

Jeremiah R. Bickham, President
Jeremiah R. Bickham transitioned from Chief Financial Officer to President of Ryan Specialty on October 1, 2024. He joined the company in 2011 and previously served as its Chief Financial Officer starting in March 2021. Prior to becoming CFO, he was the Global Treasurer and Head of Corporate Development for Ryan Specialty, where he was instrumental in establishing the company's treasury department. Mr. Bickham was actively involved in Ryan Specialty's merger and acquisition activities since 2011 and led that function from 2018 through 2021. Before joining Ryan Specialty, he worked at KPMG, LLP as a research analyst and auditor.

Brendan Mulshine, Co-President and Chief Revenue Officer
Brendan Mulshine was appointed to the additional role of Co-President of Ryan Specialty on October 8, 2025, alongside his duties as Chief Revenue Officer. He joined Ryan Specialty in 2012 and brings over 30 years of experience in the insurance industry. Before his tenure at Ryan Specialty, Mr. Mulshine held several leadership positions at Aon over an 18-year period, where he focused on strategic relationships with brokers, agents, and carrier trading partners.

Key Risks to Ryan Specialty (RYAN)

1. Market Cyclicality and Pricing Pressure: Ryan Specialty is significantly exposed to the cyclical nature of the insurance market and broader economic conditions. A shift from a "hard" to a "soft" market, characterized by increased competition and lower premium rates, could compress commission income and slow organic growth, directly impacting profitability. The company's reliance on the Excess & Surplus (E&S) market, while a growth driver, also exposes it to industry cycles, with a softening property market already noted as impacting growth.
2. Competition and Potential Disintermediation: The company faces intense competition from other wholesale brokers, managing underwriters, and emerging insurtech companies. A significant risk is the potential for retail brokers to bypass wholesale distributors like Ryan Specialty, leading to reduced business volume. Deterioration of crucial relationships with insurance carriers and retail brokers, or dependency on a limited number of these partners, could adversely affect operations and reduce intermediary value.
3. Underwriting Risks and Reputational Harm: As a managing underwriter, Ryan Specialty assumes underwriting authority on behalf of carriers. Errors in its underwriting models or ineffective risk evaluation could lead to unfavorable loss ratios for its carrier partners, damaging its reputation and relationships. Damage to its brand and reputation, which are vital for attracting clients and partners, could also arise from factors like catastrophe and reinsurance cost volatility or social inflation affecting underwriting margins.

The rise of tech-enabled Managing General Agents (MGAs) and digital placement platforms. These new players leverage advanced data analytics and artificial intelligence to streamline underwriting, risk management, and distribution of specialty insurance products, potentially disintermediating traditional wholesale brokers and offering more efficient alternatives to established managing underwriters like Ryan Specialty.

Ryan Specialty Group Holdings, Inc. (RYAN) operates in the specialty insurance market, primarily providing wholesale brokerage and managing underwriter services.

The addressable markets for Ryan Specialty's main products and services are sizable, both globally and within the U.S.:

• Global Specialty Insurance Market: The global specialty insurance market was valued at approximately USD 112.77 billion in 2025 and is projected to reach USD 337.89 billion by 2034, growing at a compound annual growth rate (CAGR) of 13.10%. Another estimate places the global market size at USD 139.74 billion in 2025, expanding to about USD 362.14 billion by 2035 with a CAGR of 9.99%.
• North America Specialty Insurance Market: North America held a significant share of the global specialty insurance market, valued at USD 43.99 billion in 2025 and USD 49.88 billion in 2026. The U.S. market specifically is projected to reach USD 32.94 billion by 2026.
• U.S. Managing General Agent (MGA) Market (which includes managing underwriters): The U.S. Managing General Agent (MGA) market experienced substantial growth, with direct written premiums rising by 16% to an estimated USD 114.1 billion in 2024. This segment accounted for approximately 9% of the U.S. property and casualty (P&C) insurance market in 2024.
• Global Insurance Brokerage Market: The global insurance brokerage market size was estimated at USD 342.92 billion in 2025 and is projected to increase to approximately USD 818.12 billion by 2035, demonstrating a CAGR of 9.08%. The wholesale brokerage segment within this market is anticipated to show significant growth.
• U.S. Insurance Brokerage Market: The United States insurance brokerage market, encompassing both retail and wholesale services, was valued at approximately USD 260.1 billion in 2024 and USD 261.7 billion in 2025. It is projected to grow from USD 140.38 billion in 2025 to USD 176.14 billion by 2031, at a CAGR of 3.86%.

Ryan Specialty (RYAN) is expected to drive future revenue growth over the next two to three years through a combination of organic expansion, strategic acquisitions, and the continued development of its specialized offerings.

Here are 3-5 expected drivers of future revenue growth:

• Sustained Organic Growth through Client Expansion and E&S Market Penetration: Ryan Specialty anticipates high single-digit organic revenue growth for 2026, stemming from acquiring new clients and deepening relationships with existing ones. This growth is further supported by the continued expansion of the Excess & Surplus (E&S) market, where Ryan Specialty strategically places a significant portion of its premiums.
• Strategic Mergers and Acquisitions (M&A): The company consistently leverages strategic acquisitions to contribute to its top-line growth. In 2025, Ryan Specialty completed five acquisitions, which are projected to add over $125 million in annualized revenue. The company maintains a robust pipeline for future M&A activities, indicating that inorganic growth will remain a key priority.
• Expansion of Underwriting Management (Delegated Authority) and Reinsurance Services: Ryan Specialty's underwriting management business, particularly its delegated authority programs, has demonstrated strong growth, with a 34.2% increase in commissions and fees in the fourth quarter of 2025. The company is focused on growing this segment and has expanded into the reinsurance market, notably through the 2024 acquisition of USRE and the launch of Ryan Re Underwriting Managers.
• Geographic and Product Diversification: The company is expanding its international footprint, increasing its number of global offices and the range of products offered. This includes the formation of MGU (Managing General Underwriter) cells in Europe, targeting niche products, and broader expansion in its UK and European operations. Ryan Specialty aims to continually diversify its product offerings and penetrate new specialties.

Share Repurchases

• In February 2026, Ryan Specialty's board approved a share repurchase program authorizing the company to repurchase up to $300 million of its Class A common stock.
• The company's annual share buybacks were $183.616 million in 2021.
• Ryan Specialty recorded $0.00 in annual share buybacks in 2025, 2024, and 2022.

Share Issuance

• Ryan Specialty Holdings' shares outstanding increased by 4.03% in 2025 and 5.68% in 2024, while declining by 52.68% in 2023.
• In December 2022, Ryan Specialty Holdings, Inc. issued 18,953 shares of Class A Common Stock in a private placement to a former employee.
• The company issued $600 million in Senior Secured Notes in 2024 as part of its capital management efforts.

Outbound Investments

• Ryan Specialty completed 11 acquisitions, with the most active years being 2025 (5 acquisitions), 2023 (3), and 2024 (2).
• In 2025, Ryan Specialty completed several strategic acquisitions including Velocity Risk Underwriters, USQRisk Holdings, 360° Underwriting, JM Wilson, and Stewart Specialty Risk Underwriting (SSRU), which are expected to contribute over $125 million in annualized revenue.
• In December 2025, Ryan Specialty completed the acquisition of Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managing general underwriter, to expand its presence in the Canadian market.

Capital Expenditures

• Capital expenditures were $67.953 million in 2025 and $47.001 million in 2024.
• For the nine months ended September 30, 2025, capital expenditures amounted to $50.678 million, compared to $29.705 million for the same period in 2024.
• Ryan Specialty initiated the "Empower Program" in the first quarter of 2026, a three-year restructuring initiative to streamline operations and enhance efficiencies, with expected cumulative one-time charges of approximately $160 million through 2028.