Ryan Specialty Holdings, Inc.
- Open
- 40.89
- Day high
- 41.66
- Day low
- 40.71
- Prev close
- 41.76
- Volume
- 1.2M
- Mkt cap
- $5.4B
- P/E (TTM)
- 40.9
- EPS (TTM)
- $1.01
- P/B
- 8.5
- P/S
- 1.7
- Yield
- 1.20%
- Per share
- $0.50
- ▲Insiders net buying $4.6M over the last 3 months (6 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Ryan Specialty Holdings, Inc. (RYAN) is a Financial Services company listed on NYSE. The stock is down 37% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 0 sales (SEC Form 4).
Ryan Specialty Holdings, Inc. (RYAN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 12 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RYAN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.43 | $0.47 | +9.3% | $795M | +1.8% |
| Feb 12, 2026 | $0.50 | $0.45 | -10.0% | $751M | -7.6% |
| Oct 30, 2025 | $0.47 | $0.47 | +0.0% | $755M | -2.9% |
| Jul 31, 2025 | $0.66 | $0.66 | +0.0% | $855M | +14.7% |
| May 1, 2025 | $0.39 | $0.39 | -0.4% | $690M | +1.5% |
| Feb 20, 2025 | $0.45 | $0.45 | -0.2% | $664M | +0.8% |
| Oct 30, 2024 | $0.41 | $0.41 | -1.0% | $605M | +0.4% |
| Aug 1, 2024 | $0.56 | $0.58 | +3.0% | $702M | +0.9% |
| May 2, 2024 | $0.35 | $0.35 | +0.1% | $559M | +1.7% |
| Feb 27, 2024 | $0.35 | $0.35 | +0.0% | $556M | +6.3% |
| Nov 2, 2023 | $0.32 | $0.32 | +0.0% | $502M | -3.9% |
| Aug 3, 2023 | $0.42 | $0.45 | +7.1% | $585M | +0.0% |
RYAN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Kuczinski Anthony Jdirector | Buy | 500 | $35.77 |
| Jun 15, 2026 | Kuczinski Anthony Jdirector | Buy | 2,500 | $34.83 |
| Jun 11, 2026 | ROGERS JOHN W JRdirector | Buy | 7,500 | $35.16 |
| Jun 8, 2026 | RYAN PATRICK Gdirector, 10 percent owner, officer: Executive Chairman | Buy | 120,000 | $32.50 |
| Jun 4, 2026 | Hamilton Janice Mofficer: Chief Financial Officer | Buy | 6,300 | $31.79 |
| Jun 4, 2026 | KATZ MARK STEPHENofficer: EVP & General Counsel | Buy | 3,215 | $31.07 |
| May 6, 2026 | MULSHINE BRENDAN MARTINofficer: Co-President and CRO | Grant | 33,715 | $29.66 |
| May 6, 2026 | Hamilton Janice Mofficer: Chief Financial Officer | Grant | 33,715 | $29.66 |
| May 6, 2026 | Wuller Benjamin MIlesofficer: CEO RSUM | Grant | 33,715 | $29.66 |
| May 6, 2026 | KATZ MARK STEPHENofficer: EVP & General Counsel | Grant | 33,715 | $29.66 |
| May 6, 2026 | TURNER TIMOTHY WILLIAMdirector, officer: Chief Executive Officer | Grant | 168,577 | $29.66 |
| Apr 30, 2026 | ROGERS JOHN W JRdirector | Grant | 5,757 | — |
| Apr 30, 2026 | Bienen Henry Sdirector | Grant | 5,757 | — |
| Apr 30, 2026 | BOLGER DAVID Pdirector | Grant | 5,757 | — |
| Apr 30, 2026 | BUNGERT MICHAEL Gdirector | Grant | 4,615 | — |
Source: RYAN SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full RYAN insider & 13F page →Ryan Specialty Holdings, Inc. company profile
Overview
Ryan Specialty Holdings, Inc. (NYSE:RYAN) is a Chicago-based specialty insurance services company founded in 2010 that went public in July 2021. The company operates as an intermediary in the specialty insurance market, providing distribution, underwriting, product development, administration, and risk management services to insurance brokers, agents, and carriers. Ryan Specialty has grown rapidly through both organic expansion and strategic acquisitions, establishing itself as a significant player in the excess and surplus (E&S) lines insurance market, which handles risks that traditional admitted insurance carriers typically cannot or will not cover.
Business
Ryan Specialty operates in the specialty insurance market, which serves as a critical component of the broader property and casualty insurance ecosystem. The company functions as both a wholesale broker and a managing underwriter, bridging the gap between retail insurance agents and specialty insurance carriers. The specialty insurance market, also known as the excess and surplus (E&S) lines market, handles insurance risks that are either too complex, unusual, or high-risk for standard admitted insurance carriers to cover. These might include unique commercial properties, high-hazard industries, or risks with unusual characteristics that don't fit traditional underwriting guidelines. Unlike admitted carriers that must file their rates and forms with state regulators, E&S carriers have more flexibility in pricing and coverage terms, allowing them to insure otherwise uninsurable risks. Ryan Specialty operates through three main business segments: 1. Wholesale Brokerage represents the largest portion of revenue and involves acting as an intermediary between retail insurance agents and specialty carriers. When retail agents encounter risks they cannot place with standard carriers, they turn to wholesale brokers like Ryan Specialty to access the E&S market. This segment focuses on property, casualty, professional lines, and other specialty coverages. 2. Binding Authority Specialties accounts for approximately 45% of total revenue and involves underwriting insurance policies on behalf of carrier partners under delegated authority agreements. This means Ryan Specialty can quote, bind, and issue policies without requiring individual carrier approval for each transaction, significantly streamlining the process. 3. Underwriting Management Specialties involves managing entire insurance programs for carrier partners, including product development, underwriting, claims management, and regulatory compliance. This segment often focuses on niche markets like healthcare liability, construction, transportation, and other specialized industries.
Revenue model
Ryan Specialty generates revenue primarily through commission-based income from insurance transactions, with different revenue streams across its business segments. In wholesale brokerage, the company earns commissions from carriers when policies are placed, typically ranging from 10-15% of the premium. In binding authority operations, Ryan Specialty earns both commissions and profit-sharing arrangements with carrier partners, often achieving higher margins due to the underwriting risk they assume. The underwriting management segment generates fees for managing insurance programs plus profit commissions based on underwriting performance. The company's customers are primarily retail insurance agents and brokers who need access to specialty markets for their clients' difficult-to-place risks. These retail agents pay Ryan Specialty's commissions indirectly through the insurance premiums, as carriers include brokerage costs in their pricing. Additionally, insurance carriers pay Ryan Specialty for underwriting and program management services. Several factors influence Ryan Specialty's margins and profitability. Market hardening in specialty insurance lines increases both premium rates and commission income, as seen during periods of increased catastrophic losses or reduced carrier capacity. The company benefits from the secular trend of risks flowing from the admitted to the E&S market as traditional carriers become more selective. Interest rates affect the company positively, as higher rates increase investment income on float from binding authority operations. However, economic downturns can reduce new business formation and property values, potentially dampening premium growth. Catastrophic losses in the insurance industry generally benefit Ryan Specialty by tightening capacity and driving more business to the specialty market, though severe events can temporarily disrupt operations.
Competitive moat
Ryan Specialty's competitive moat stems from several interconnected factors, though it operates in a fragmented and competitive market. The company's primary moat lies in its specialized expertise and relationships across niche insurance markets. Building deep knowledge in complex specialty lines like healthcare liability, construction, or transportation requires years of experience and industry relationships that are difficult to replicate quickly. The company's delegated underwriting authority from multiple carriers creates switching costs and barriers to entry. These authority agreements take time to establish and require demonstrated underwriting competence, regulatory compliance, and financial stability. Ryan Specialty's track record of profitable underwriting helps maintain and expand these relationships. Network effects provide moderate defensive characteristics, as retail agents prefer working with wholesale brokers who have access to multiple carrier markets and can provide quick quotes and binding authority. The company's scale allows it to maintain relationships with numerous carriers, giving clients more placement options than smaller competitors. However, the moat is not particularly deep. The specialty insurance brokerage market remains fragmented with low barriers to entry for experienced professionals. Talent mobility is high, as successful producers can move between firms or start their own operations, potentially taking client relationships with them. Technology disruption poses a long-term threat, as insurtech companies attempt to digitize and streamline traditional brokerage processes. Additionally, carrier consolidation or direct distribution strategies could potentially disintermediate wholesale brokers in some market segments.
Risks & safety
Ryan Specialty presents a moderate margin of safety profile with some leverage concerns but strong cash generation capabilities. • Debt and Leverage: Total debt-to-equity ratio of 7.1x as of Q1 2025 is elevated, though the company targets maintaining leverage around 3.5-4.0x EBITDA. Net leverage was 3.8x at quarter-end, within management's acceptable range but limiting financial flexibility. • Cash Position: $204 million in cash and short-term investments provides modest liquidity buffer. Free cash flow was negative $160 million in Q1 2025 due to timing of cash flows, but the company generated strong positive free cash flow of $468 million for full year 2024. • Valuation Metrics: Trading at 18.7x EV/EBITDA and 17.2x price-to-book ratio, indicating relatively expensive valuation. Price-to-earnings ratio of 82x for 2024 reflects high market expectations. • Business Quality: Strong recurring revenue characteristics with 97% producer retention rates and compulsory nature of insurance products providing defensive qualities during economic downturns. • Growth Investment: Heavy reinvestment in M&A and technology may pressure near-term cash flows but supports long-term competitive positioning.
Recent development
Over the past few years, Ryan Specialty has executed a comprehensive growth and transformation strategy centered around several key initiatives. The company completed its most aggressive acquisition program in 2024, acquiring seven companies with $265 million in trailing revenue, including the transformational $1.075 billion acquisition of US Assure, a builder's risk insurance specialist that significantly expanded Ryan Specialty's small and medium enterprise market presence. The company has systematically expanded its delegated authority platform, which now represents approximately 45% of total revenue, up from lower levels in previous years. This shift is strategically important as delegated authority operations typically generate higher margins and provide more control over the underwriting process. Key acquisitions in this area included Greenhill, Ethos P&C, EverSports, and Geo Underwriting Europe. Ryan Specialty implemented the ACCELERATE 2025 program, a comprehensive operational efficiency initiative that generated approximately $60 million in annual savings by 2025. This program focused on streamlining operations, consolidating systems, and optimizing the workforce structure to improve scalability and margins. The company has made significant leadership transitions, with Tim Turner becoming CEO in October 2024, Jeremiah Bickham promoted to President, and Janice Hamilton elevated to CFO, while founder Pat Ryan transitioned to Executive Chairman. Simultaneously, Ryan Specialty has invested heavily in technology and artificial intelligence solutions to digitize workflows, reduce cycle times, and improve processing efficiency. The company has also expanded its international footprint, particularly in the UK and European markets, and formed strategic partnerships such as the alliance with MagMutual in healthcare liability and the exclusive distribution agreement with Private Client Select.
RYAN company profile · for informational purposes only — not investment advice.
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