olivLaw · US equity research
Ryan Specialty Holdings, Inc. RYAN
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Ryan Specialty is an international specialty insurance intermediary active mainly in the excess and surplus (E&S) market, distributing products through wholesale brokerage and delegated underwriting authority. The company reported second quarter 2026 revenue of 916.6 million USD, up 7.2%, and its relevance grows as complex risks in the E&S market become more frequent.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Ryan Specialty Holdings, Inc. (RYAN) stock was 47.54 USD (+3.96% on the day), with market capitalisation 5.2 bn USD, P/E 49.9, dividend yield 1.23%, beta 0.26, 52-week range 29.39–58.38 USD. Latest reported quarter (Q3 2026): revenue of 790.0 m USD (+4.7% YoY), net income of 36.7 m USD (+18.0% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 35.85 – 47.96
- in the upper half of the band · %B 0.97 · band width 28.9%
- SMA 50 / 200
- 40.57 / 38.89
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.72 / 1.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +25.2% | −1.1% | +26.3 pp | — |
| 3 months | +5.6% | −0.5% | +6.1 pp | — |
| 6 months | +61.8% | +4.4% | +57.4 pp | — |
| Year to date | −7.9% | +12.3% | −20.2 pp | — |
| 1 year | −13.6% | +13.5% | −27.2 pp | +0.8% |
| 3 years | +7.3% | +76.4% | −69.1 pp | +1.9% |
| 5 years | +27.5% | +63.7% | −36.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 663.5 m | 690.2 m | 855.2 m | 754.6 m | 751.2 m | 795.2 m | 916.6 m | 790.0 m |
| Operating income | 109.3 m | 100.2 m | 191.1 m | 110.8 m | 91.6 m | 94.6 m | 180.3 m | 140.8 m |
| Pre-tax income | 69.0 m | 51.0 m | 137.7 m | 59.8 m | 44.6 m | 47.1 m | 130.7 m | 96.2 m |
| Income tax | 26.5 m | 55.4 m | 13.0 m | -2.8 m | 13.4 m | 6.5 m | 22.4 m | 8.1 m |
| Net income | 13.8 m | -27.6 m | 52.0 m | 31.1 m | 8.0 m | 17.6 m | 42.3 m | 36.7 m |
| Operating cash flow | 259.6 m | -142.8 m | 353.6 m ≈ | 169.7 m ≈ | 263.2 m | -167.4 m | 293.0 m ≈ | 181.3 m ≈ |
| Capex | 0 | 664.0 k | 0 ≈ | 2.4 m ≈ | 0 | 0 | 1.6 m ≈ | 0 ≈ |
| Dividends paid | 13.7 m | 15.1 m | 15.1 m ≈ | 15.3 m ≈ | 15.5 m | 16.7 m | 16.5 m ≈ | 15.7 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | — | 40.0 m | 260.2 m ≈ | 150.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 765.1 m | 1.0 bn | 1.4 bn | 1.7 bn | 2.1 bn | 2.5 bn | 3.1 bn |
| Revenue YoY | unavailable | +33.1% | +40.7% | +20.4% | +20.4% | +21.1% | +21.3% |
| Net income | 64.2 m | 68.1 m | 65.9 m | 61.1 m | 61.0 m | 94.7 m | 63.4 m |
| Net income YoY | unavailable | +6.1% | −3.3% | −7.3% | −0.0% | +55.1% | −33.0% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 8.4% | 6.7% | 4.6% | 3.5% | 2.9% | 3.8% | 2.1% |
| Free cash flow | 149.4 m | 130.2 m | -69.7 m | 327.8 m | 477.2 m | 514.9 m | 640.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 158.3 m USD
- Financial debt
- 3.4 bn USD
- Net debt
- 3.2 bn USD
- Equity
- 1.3 bn USD
- Total assets
- 10.6 bn USD
- Debt / equity
- 2.67x
- Current ratio
- 0.98x
- ROE
- 5.4%
- ROA
- 0.6%
- FCF margin
- 21.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 1.4 bn | 1.7 bn | 2.1 bn | 2.5 bn | 3.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | 158.5 m | 186.6 m | 289.5 m | 359.1 m | 427.8 m | 493.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Interest expense | 47.2 m | 79.4 m | 104.8 m | 119.5 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Pre-tax income | 79.5 m | 61.6 m | 179.2 m | 237.9 m | 272.6 m | 293.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 9.0 m | 4.9 m | 15.9 m | 43.4 m | 42.6 m | 79.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 68.1 m | 65.9 m | 61.1 m | 61.0 m | 94.7 m | 63.4 m | SEC (XBRL)· 13 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 895.7 m | 1.1 bn | 992.7 m | 838.8 m | 540.2 m | 158.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 2.5 bn | 3.0 bn | 3.9 bn | 4.3 bn | 4.8 bn | 5.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 17.4 m | 15.3 m | 31.3 m | 42.4 m | 50.2 m | 69.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 1.2 bn | 1.3 bn | 1.3 bn | 1.6 bn | 2.6 bn | 3.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 604.8 m | 573.9 m | 29.3 m | 38.3 m | 83.7 m | 119.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 4.5 bn | 5.5 bn | 6.4 bn | 7.2 bn | 9.6 bn | 10.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 115.6 m | 99.4 m | 119.0 m | 136.3 m | 249.2 m | 284.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 19.2 m | 23.5 m | 30.6 m | 35.4 m | 51.7 m | 60.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 1.6 bn | 1.6 bn | 2.0 bn | 1.9 bn | 3.2 bn | 3.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 2.5 bn | 2.9 bn | 3.1 bn | 3.7 bn | 4.5 bn | 5.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 4.2 bn | 4.9 bn | 5.6 bn | 6.3 bn | 8.6 bn | 9.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | — | 594.8 m | 817.8 m | 979.6 m | 1.1 bn | 1.3 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 135.4 m | 273.5 m | 335.5 m | 477.2 m | 514.9 m | 643.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 5.2 m | 343.2 m | 7.7 m | 0 | 0 | 3.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 130.2 m ≈ | -69.7 m ≈ | 327.8 m ≈ | 477.2 m ≈ | 514.9 m ≈ | 640.7 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -768.5 m | -457.9 m | -22.4 m | -476.2 m | -1.8 bn | -834.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | 1.1 bn | 429.3 m | 314.8 m | -12.6 m | 1.2 bn | 78.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | — | — | 0 | 0 | 80.2 m | 61.0 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet17
- Valuation57
- Quality65
- Growth100
- Returns51
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.06 – 34.60 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E14.06 – 34.60 (Mid 21.01)11 companies used · median multiple 22.1x · quartiles 14.8x – 36.3xACT, AJG, AON, BRO, CRVL, GSHD, MRSH, SLQT, TWFG, WDH, WTW
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.6% | 57 (vs peers) | 16% |
| Net margin · Quality | 3.2% | 45 (vs peers) | 10% |
| FCF conversion · Quality | 543.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 20.9% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 49.9x | 23 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.9% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.2% | 18 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 11.3% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial17/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality65/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation57/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RYAN SPECIALTY HOLDINGS, INC. (RYAN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.1 bn USD in 2025; YoY growth 21.3%; net margin 3.2%; ROE 19.4%.
The estimated value range is 14.06–34.60 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.01 USD, the price of 47.54 USD leaves a potential of -55.8% (value / price − 1) and a margin of safety of -126.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 543.5%
- Revenue CAGR 3Y: 20.9%
- FCF yield: 10.9%
- Payout ratio (FCF): 11.3%
What contradicts it
- Current ratio: 1.0x
- P/E (TTM): 49.9x
- Shareholder yield (distributions): 1.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −14% / +7% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
| ZBAOZhibao Technology Inc. | — | — | -141.3% | -22.4% | +53.0% | −99% / unavailable |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
1- and 3-year price returns: for RYAN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 31.07 Total return -35% · Per year -35% | 54.67 Total return 15% · Per year 15% | 82.01 Total return 73% · Per year 73% |
| 3 years | 36.85 Total return -22% · Per year -8% | 72.30 Total return 52% · Per year 15% | 118.09 Total return 148% · Per year 35% |
| 5 years | 43.71 Total return -8% · Per year -2% | 95.62 Total return 101% · Per year 15% | 170.05 Total return 258% · Per year 29% |
- Exit P/E± 18.08
- Net margin± 12.65
- Annual revenue growth± 9.44
- Annual dilution± 1.06
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Ryan Specialty is an international specialty insurance intermediary active mainly in the excess and surplus (E&S) market, distributing products through wholesale brokerage and delegated underwriting authority. The company reported second quarter 2026 revenue of 916.6 million USD, up 7.2%, and its relevance grows as complex risks in the E&S market become more frequent 13.
SWOT
Strengths
- The platform has national scale, broad broker access and a culture that attracts talent, supporting organic growth 13.
- Having no retail brokerage operations removes channel conflicts and makes the company a preferred wholesale partner for retail brokers 1.
- Revenue is spread across three specialties, and delegated underwriting has grown as a share of total commissions 13.
Weaknesses
- Reliance on a relatively small number of carriers and retail brokers could expose the company to changes in those relationships or to consolidation 1.
- The adjusted EBITDAC margin fell in the second quarter of 2026 compared with the prior year, while restructuring expenses rose 3.
- Exposure to uncertain rules on non-compete agreements and retention of key producers remains a sensitive area 1.
Opportunities
- Growth in complex risks and the E&S market could expand the premium volume placed through the platform 1.
- The Empower Program could deliver meaningful annual savings from 2029 if executed as planned 2.
- Market consolidation could create further acquisition opportunities and extend product capabilities 1.
Risks
- Dependence on trading partnershigh
Relationships with carriers and retail brokers are usually non-exclusive and can be terminated on short notice, which could affect business volume 1.
- Empower restructuringmedium
The restructuring programme carries significant one-time costs through 2028, and expected savings could be smaller or later than estimated 2.
- Pressure on commissionsmedium
Lower rates or lower supplemental commissions could reduce revenue, especially in the property segment 1.
- Retention of personnelmedium
Competition for brokers and underwriters is intense, and departures may be hard to offset even with contractual protections 1.
- Technology and data riskslow
Use of artificial intelligence and digital platforms raises cybersecurity, privacy and operational risks 1.
Investment thesis
What would need to be true (bull case)
- Organic growth remains solid and revenue rose in the second quarter of 2026, suggesting demand for specialty solutions continues 3.
- The Empower Program could improve long-term margins if the expected savings materialise according to plan 2.
- The platform's scale and the absence of channel conflicts could keep the company at the forefront of specialty brokerage 1.
What would break the thesis
- Net income fell in the second quarter of 2026 compared with the prior year, and restructuring costs rose considerably 3.
- Dependence on a small number of partners could make revenue vulnerable to changes in those relationships 1.
- If rates in the property segment stay under pressure, commissions could fall more than expected 1.
What to watch
- Trend in organic growth and adjusted EBITDAC marginQ3 2026
- Progress of the Empower Program and its restructuring costs2026
- Evolution of property rates in the E&S market2026
- Annual results and any updated risk disclosures in the next 10-Knext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Ryan Specialty, founded in 2010, provides distribution, underwriting, product development and risk management for brokers, agents and carriers. Operations run through its wholesale brokerage platform and delegated underwriting authority, and the company has no retail brokerage operations, which avoids channel conflicts with its trading partners 1. The company describes itself as the second-largest U.S. P&C wholesale broker and the largest U.S. P&C managing underwriter by 2024 premium volume 1. Revenue for the first six months of 2026 was 1,711.9 million USD, though this figure was not extracted as a separate fig line 2.
Segments
Wholesale Brokerage
This is the largest segment by net commissions and fees. In fiscal 2025 it generated 1,600.4 million USD, or 53.4% of total net commissions and fees, operating mainly under the RT Specialty brand 1.
Market context
The E&S market had 130 billion USD of direct written premium in 2024, and its share of total U.S. commercial premium rose to 25.7% 1. The company expects this trend to continue, but growth may not be linear because risks can shift between the E&S market and the standard market as capacity and rates change 12.
Consolidation among retail brokers and wholesale panels may favour players with large scale if the trend persists 1. Property premium rates declined in the second half of 2024 and through 2025 as capacity increased, which could affect commissions in that line 1.
Trends
- Growth of the E&S markettailwind
Complex and hard-to-place risks support demand for specialty solutions, and the E&S market grew faster than the admitted market between 2010 and 2024 1.
- Consolidation among retail brokersmixed
Retail broker M&A has slowed, but larger brokers tend to narrow their wholesale panels, which could favour firms with scale and broad capabilities 1.
- Falling property ratesheadwind
In the second half of 2024 and during 2025 capacity for property risks rose and rates fell, which could reduce commissions if the pattern continues 1.
- Technology and artificial intelligencemixed
The company is investing in digital tools and underwriting automation, which could lower operating costs but also brings implementation and data security risks 1.
Competitive position
The E&S market is dominated by large insurers and Lloyd’s, and competition comes from these carriers as well as from wholesale brokers of comparable size 1. Retail brokers could also build their own wholesale channels or place business directly with carriers 1.
The company differentiates itself through the absence of retail brokerage operations, its delegated underwriting capabilities and the scale of its platform, which smaller competitors may find hard to replicate 13.
- Berkshire Hathaway Insurance GroupBRK.B
Listed among the largest U.S. E&S writers in 2024 according to the source 1.
- American International GroupAIG
Listed among the largest U.S. E&S writers in 2024 according to the source 1.
- W. R. Berkley Insurance GroupWRB
Listed among the largest U.S. E&S writers in 2024 according to the source 1.
- Markel Insurance GroupMKL
Named in the source as an insurer with which the company maintains meaningful relationships in the E&S market 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- What Makes Ryan Specialty Holdings (RYAN) an Attractive Opportunity?Yahoo Finance — News · 18 Sept 2026 · EN
- AI is Sharpening Ryan Specialty Holdings (RYAN), Not Replacing ThemYahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report07 Aug 2026Material agreement · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report26 May 2026Regulation FD disclosure
- Current report01 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report30 Apr 2026Material agreement · Financial statements and exhibits
- Current report30 Apr 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ryan Specialty Holdings, Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ryan Specialty Holdings, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ryan Specialty Holdings, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.