# RYAN SPECIALTY HOLDINGS, INC. (RYAN) Informational only - not investment advice. CIK: 0001849253 SIC: 6411 Insurance Agents, Brokers & Service SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 64](/major-group/64/) > [SIC 6411 Insurance Agents, Brokers & Service](/industry/6411/) Latest 10-K filed: 2026-02-13 SEC page: https://www.sec.gov/edgar/browse/?CIK=1849253 Filing source: https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0001849253-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001849253.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,051,126,000 USD | 2025 | verified | | Net income | 63,399,000 USD | 2025 | verified | | Assets | 10,564,171,000 USD | 2025 | verified | | Free cash flow | 575,714,000 USD | 2025 | computed | | Net margin | 2.08% | 2025 | computed | | Operating margin | 16.18% | 2025 | computed | | Revenue YoY | +21.28% | 2025 | computed | | ROE | 9.78% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | RYAN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 2.1% | 10.7% | 21 | 15 | | Operating margin | 16.2% | 17.6% | 38 | 9 | | Revenue growth | 21.3% | 8.3% | 93 | 15 | | FCF margin | 18.9% | 14.0% | 83 | 13 | | ROE | 9.8% | 13.5% | 29 | 15 | | ROA | 0.6% | 3.8% | 14 | 15 | | Liabilities / equity | 14.37 | 2.36 | 100 | 14 | | Current ratio | 0.98 | 1.16 | 0 | 13 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6411 Insurance Agents, Brokers & Service, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3051126000 | USD | 2025 | 2026-02-13 | | Net income | 63399000 | USD | 2025 | 2026-02-13 | | Assets | 10564171000 | USD | 2025 | 2026-02-13 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001849253.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 765,111,000 | 1,018,274,000 | 1,432,771,000 | 1,725,193,000 | 2,077,549,000 | 2,515,710,000 | 3,051,126,000 | | Net income | | 64,166,000 | 68,104,000 | 65,873,000 | 61,052,000 | 61,037,000 | 94,665,000 | 63,399,000 | | Operating income | | 101,038,000 | 158,538,000 | 186,624,000 | 289,508,000 | 359,081,000 | 427,812,000 | 493,640,000 | | Operating cash flow | | 149,507,000 | 135,393,000 | 273,493,000 | 335,514,000 | 477,203,000 | 514,868,000 | 643,667,000 | | Capital expenditures | | 7,990,000 | 12,498,000 | 9,781,000 | 15,043,000 | 29,776,000 | 47,001,000 | 67,953,000 | | Dividends paid | | | | | | | 80,200,000 | 61,000,000 | | Assets | | | 4,529,382,000 | 5,458,708,000 | 6,383,743,000 | 7,247,209,000 | 9,649,918,000 | 10,564,171,000 | | Liabilities | | | 4,218,657,000 | 4,863,931,000 | 5,565,931,000 | 6,267,565,000 | 8,551,633,000 | 9,310,120,000 | | Stockholders' equity | | | | | 478,405,000 | 559,754,000 | 627,662,000 | 648,073,000 | | Cash and cash equivalents | 338,113,000 | 402,162,000 | 895,704,000 | 1,139,661,000 | 992,723,000 | 838,790,000 | 540,203,000 | 158,322,000 | | Free cash flow | | 141,517,000 | 122,895,000 | 263,712,000 | 320,471,000 | 447,427,000 | 467,867,000 | 575,714,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 8.39% | 6.69% | 4.60% | 3.54% | 2.94% | 3.76% | 2.08% | | Operating margin | | 13.21% | 15.57% | 13.03% | 16.78% | 17.28% | 17.01% | 16.18% | | Return on equity | | | | | 12.76% | 10.90% | 15.08% | 9.78% | | Return on assets | | | 1.50% | 1.21% | 0.96% | 0.84% | 0.98% | 0.60% | | Liabilities / equity | | | | | 11.63 | 11.20 | 13.62 | 14.37 | | Current ratio | | | 1.00 | 1.03 | 1.24 | 1.16 | 1.05 | 0.98 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/RYAN/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001849253.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q3 | 2023-09-30 | 501,938,000 | -5,047,000 | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 532,863,000 | 22,846,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 552,046,000 | 16,535,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 695,441,000 | 46,787,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 604,694,000 | 17,589,000 | | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 663,529,000 | 13,754,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 690,166,000 | -27,642,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 855,170,000 | 51,976,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 754,577,000 | 31,085,000 | | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 751,213,000 | 7,980,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 795,229,000 | 17,646,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 916,647,000 | 42,315,000 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from RYAN's latest 10-K: [/company/RYAN/business/](/company/RYAN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from RYAN's latest 10-K: [/company/RYAN/risk-factors/](/company/RYAN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1849253/000184925326000036/ryan-20260630.htm Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-31 Report date: 2026-06-30 Overview Founded by Patrick G. Ryan in 2010, we are a service provider of specialty products and solutions for insurance brokers, agents, and carriers. We provide distribution, underwriting, product development, administration, and risk management services by acting predominantly as a wholesale broker and a managing underwriter or a program administrator with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. For retail insurance agents and brokers, we assist in the placement of complex or otherwise hard-to-place risks. For insurance and reinsurance carriers, we predominantly work with retail and wholesale insurance brokers to source, onboard, underwrite, and service these same types of risks. A significant majority of the premiums we place are bound in the E&S market, which includes Lloyd’s of London. There is often significantly more flexibility in terms, conditions, and rates in the E&S market relative to the Admitted or “standard” insurance market. We believe that the additional freedom to craft bespoke terms and conditions in the E&S market allows us to best meet the needs of our trading partners, provide unique solutions, and drive innovation. We believe our success has been achieved by providing best-in-class intellectual capital, leveraging our trusted and long-standing relationships, and developing differentiated solutions at a scale unmatched by many of our competitors. Significant Events and Transactions Corporate Structure We are a holding company and our sole material asset is a controlling equity interest in New LLC, which is also a holding company and its sole material asset is a controlling equity interest in the LLC. The Company operates and controls the business and affairs of, and consolidates the financial results of, the LLC through New LLC. We conduct our business through the LLC. As the LLC is substantively the same as New LLC, for the purpose of this discussion we will refer to both New LLC and the LLC as the “LLC”. The LLC is a limited liability company taxed as a partnership for income tax purposes, and its taxable income or loss is passed through to its members, including the Company. The LLC is subject to income taxes on its taxable income in certain foreign countries, in certain state and local jurisdictions that impose income taxes on partnerships, and on the taxable income of its U.S. corporate subsidiaries. As a result of our ownership of LLC Common Units, we are subject to U.S. federal, state, and local income taxes with respect to our allocable share of any taxable income of the LLC and are taxed at the prevailing corporate tax rates. We intend to cause the LLC to make distributions in an amount that is at least sufficient to allow us to pay our tax obligations and operating expenses, including distributions to fund any ordinary course payments due under the Tax Receivable Agreement. See “Liquidity and Capital Resources - Tax Receivable Agreement” for additional information about the TRA. 32 Empower Program In the first quarter of 2026, we initiated a three-year restructuring program (the “Empower Program”) that will streamline our brokerage, binding, and underwriting operations, optimize our scale, accelerate our data and technology strategies, and enhance efficiencies across all of our Specialties. The program is estimated to result in approximately $160 million of cumulative one-time charges through 2028, funded through operating cash flow, and is expected to generate annual savings of approximately $80 million in 2029. Actions taken under the Empower Program are expected to be completed by the end of 2028. Restructuring costs will primarily be included in General and administrative expense, relating to third-party professional services, technology and data initiatives, and other expenses. The remaining costs will be incurred through Compensation and benefits expense, predominately relating to third-party contractor and other workforce-related costs. We began recognizing costs associated with the restructuring plan in the first quarter of 2026. For the three and six months ended June 30, 2026, we incurred restructuring and related costs of $33.4 million and $39.3 million, respectively, with the $39.3 million recognized over the first six months of 2026 representing cumulative costs since the inception of the program. Of the cumulative $39.3 million expense, $25.2 million was incurred in general and administrative expense with the remaining being workforce-related costs. Restructuring expense within general and administrative expense includes costs relating to professional services, technology and data initiatives, license fees, and third-party contractors, as well as non-cash expenses associated with the impairment of internally-developed software. Compensation and benefits restructuring costs include severance as well as employment costs for services rendered between the notification and termination dates and other termination payments. While the current results of the Empower Program are in line with expectations, changes to the total savings estimate and timing of the Empower Program may evolve as we continue to progress through the program and evaluate other potential opportunities. The actual amounts and timing may vary significantly based on various factors. Key Factors Affecting Our Performance Our historical financial performance has been, and we expect our financial performance in the future to be, driven by our ability to: Pursue Strategic Acquisitions We have successfully integrated businesses complementary to our own to increase both our distribution reach and our product and service capabilities. We continuously evaluate acquisitions and intend to further pursue targeted acquisitions that complement our product and service capabilities or provide us access to new markets. We have previously made, and intend to continue to make, acquisitions with the objective of enhancing our human capital and product and service capabilities, entering natural adjacencies, and expanding our geographic presence. Our ability to successfully pursue strategic acquisitions is dependent upon a number of factors, including sustained execution of a disciplined and selective acquisition strategy which requires acquisition targets to have a cultural and strategic fit, competition for these assets, purchase price multiples that we deem appropriate and our ability to effectively integrate targeted companies or assets and grow our business. We do not have agreements or commitments for any material acquisitions at this time. Deepen and Broaden our Relationships with Retail Broker Trading Partners We have deep engagement with our retail broker trading partners, and we believe we have the ability to transact in even greater volume with nearly all of them. For example, in 2025, our revenue derived from the Top 100 firms (as ranked by Business Insurance) expanded faster than our Organic revenue growth rate of 10.1%. Our ability to deepen and broaden relationships with our retail broker trading partners and increase sales is dependent upon a number of factors, including client satisfaction with our distribution reach and our product capabilities, retail brokers continuing to require or desire our services, competition, pricing, economic conditions, and spending on our product offerings. Build Our Delegated Authority Business We believe there is substantial opportunity to continue to grow our Delegated Authority business, which includes both our Binding Authority Specialty and Underwriting Management Specialty. We believe that both M&A consolidation and panel consolidation have a long runway. We believe that both M&A consolidation and the use and reliance on scaled delegated Underwriting Management will continue to grow. Our ability to grow this business is dependent upon a number of factors, including a continuing ability to secure sufficient capital support from insurers, the quality of our services and product offerings, marketing and sales efforts to drive new business prospects and execution, new product offerings, the pricing and quality of our competitors’ offerings, and the growth in demand for the insurance products. 33 Invest in Operations and Growth We have invested heavily in building a durable business that is able to adapt to the continuously evolving specialty and E&S markets and intend to continue to do so. We are focused on enhancing the breadth of our product and service offerings as well as developing and launching new solutions to address the evolving needs of the specialty insurance industry and markets. Our future success is dependent upon a number of factors, including our ability to successfully develop, market, and sell existing and new products and services to both new and existing trading partners. We will continue to prioritize strategic investments that support revenue growth such as investments in talent, de novo formations, product innovation and solutions, M&A, and technology in order to maximize long-term value creation, which could have a short-term margin impact. The Empower Program initiated in the first quarter of 2026 is designed to enhance efficiencies across all of our Specialties. The efficiencies we gain through the Empower Program are expected to allow us to continue making strategic investments in growth, top-tier talent, and de novo formations, and address the rapidly evolving needs of our clients. Generate Commission Regardless of the State of the Specialty and E&S Markets We earn commissions, which are calculated as a percentage of the total insurance policy premium, and fees. Changes in the insurance market or specialty lines that are our focus, characterized by a period of increasing (or declining) premium rates, could positively (or negatively) impact our profitability. Managing Changing Macroeconomic Conditions Growth in certain lines of business, such as project-based construction and M&A transactional liability insurance, is partially dependent on a variety of macroeconomic factors inasmuch as binding the underlying insurance coverage is subject to the underlying activity occurring. In periods of economic growth, liquid credit markets, and favorable interest rates, this underlying activity can accelerate and provide tailwinds to our growth. In periods of economic decline, tight credit markets, and unfavorable interest rates, this underlying activity can slow or be delayed and provide headwinds to our growth. We believe over the long term these lines of business will continue to grow. Leverage the Growth of the Specialty and E&S Markets The growing relevance of the specialty and E&S markets has been driven by the rapid emergence and sustained prevalence of large, complex, high-hazard, and otherwise hard-to-place risks across many lines of insurance. This trend continued in 2025, with $125 billion of insured catastrophe losses, driven by $52 billion of insured losses related to severe convective storms (“SCS”) with 19 SCS events that caused losses in excess of $1 billion, which together accounted for the third- highest annual total for insured losses on record for SCS events, and over $41 billion in losses generated from California wildfires. The year also included floods in central Texas and the Mississippi valley, causing over 135 fatalities and over $3 billion in insured losses. Additionally, these risks include the potential for more severe hurricanes that occur with greater frequency, more devastating wildfires, more frequent flooding, escalating jury verdicts and social inflation, geographic shifts in population density, a proliferation of cyber threats, novel health risks, risks associated with large sports and entertainment venues, building and labor cost inflation [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm Complete FY 2025 MD&A: /company/RYAN/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-13 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity, and cash flows of the Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and the related notes included elsewhere in this Annual Report on Form 10-K. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and in the sections entitled “Risk Factors” and “Information Concerning Forward-Looking Statements”. The following discussion provides commentary on the financial results derived from our audited financial statements for the years ended December 31, 2025, 2024, and 2023, prepared in accordance with U.S. GAAP. In addition, we regularly review the following Non-GAAP measures when assessing performance: Organic revenue growth rate, Adjusted compensation and benefits expense, Adjusted compensation and benefits expense ratio, Adjusted general and administrative expense, Adjusted general and administrative expense ratio, Adjusted EBITDAC, Adjusted EBITDAC margin, Adjusted net income, Adjusted net income margin, and Adjusted diluted earnings per share. See “Non-GAAP Financial Measures and Key Performance Indicators” for further information. Overview Founded by Patrick G. Ryan in 2010, we are a service provider of specialty products and solutions for insurance brokers, agents, and carriers. We provide distribution, underwriting, product development, administration, and risk management services by acting predominantly as a wholesale broker and a managing underwriter or a program administrator with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. For retail insurance agents and brokers, we assist in the placement of complex or otherwise hard-to-place risks. For insurance and reinsurance carriers, we predominantly work with retail and wholesale insurance brokers to source, onboard, underwrite, and service these same types of risks. A significant majority of the premiums we place are bound in the E&S market, which includes Lloyd’s of London. There is often significantly more flexibility in terms, conditions, and rates in the E&S market relative to the Admitted or “standard” insurance market. We believe that the additional freedom to craft bespoke terms and conditions in the E&S market allows us to best meet the needs of our trading partners, provide unique solutions, and drive innovation. We believe our success has been achieved by providing best-in-class intellectual capital, leveraging our trusted and long-standing relationships, and developing differentiated solutions at a scale unmatched by many of our competitors. Significant Events and Transactions Corporate Structure We are a holding company and our sole material asset is a controlling equity interest in New LLC, which is also a holding company and its sole material asset is a controlling equity interest in the LLC. The Company operates and controls the business and affairs of, and consolidates the financial results of, the LLC through New LLC. We conduct our business through the LLC. As the LLC is substantively the same as New LLC, for the purpose of this discussion we will refer to both New LLC and the LLC as the “LLC”. The LLC is a limited liability company taxed as a partnership for income tax purposes, and its taxable income or loss is passed through to its members, including the Company. The LLC is subject to income taxes on its taxable income in certain foreign countries, in certain state and local jurisdictions that impose income taxes on partnerships, and on the taxable income of its U.S. corporate subsidiaries. As a result of our ownership of LLC Common Units, we are subject to U.S. federal, state, and local income taxes with respect to our allocable share of any taxable income of the LLC and are taxed at the prevailing corporate tax rates. We intend to cause the LLC to make distributions in an amount that is at least sufficient to allow us to pay our tax obligations and operating expenses, including distributions to fund any ordinary course payments due under the Tax Receivable Agreement. See “Liquidity and Capital Resources - Tax Receivable Agreement” for additional information about the TRA. 54 Table of Contents Empower Program In the first quarter of 2026 we are initiating a three-year restructuring program (the "Empower Program") that will streamline our brokerage, binding, and underwriting operations, optimize our scale, accelerate our data and technology strategies, and enhance efficiencies across all of our specialties. The program is estimated to result in approximately $160 million of cumulative one-time charges through 2028, and we expect it to generate annual savings of approximately $80 million in 2029. Actions taken under the Empower Program are expected to be completed by the end of 2028. Acquisitions On February 3, 2025, the Company completed the acquisition of Velocity Risk Underwriters, LLC (“Velocity”), an MGU specializing in first-party insurance coverage for catastrophe exposed properties, based in Nashville, Tennessee. On May 1, 2025, the Company completed the acquisition of USQRisk Holdings, LLC, a company that underwrites, structures, prices, and places specialty insurance for corporate clients seeking bespoke, multi-year risk solutions based in New York and London. On May 16, 2025, the Company completed the acquisition of 360° Underwriting, an MGU specializing in commercial construction, based in Dublin and Galway, Ireland. On July 1, 2025, the Company completed the acquisition of certain assets of J.M. Wilson Corporation (“JM Wilson”), a binding authority and surplus lines broker specializing in transportation insurance, headquartered in Portage, Michigan. On December 1, 2025, the Company completed the acquisition of Stewart Specialty Risk Underwriting Ltd., an MGU specializing in underwriting large-account, high-hazard property and casualty solutions, based in Toronto, Canada. We believe these acquisitions complement our product capabilities, enhance our human capital, expand our total addressable market, and provide us access to new markets in new geographies. See “Note 4, Mergers and Acquisitions” in the footnotes to the consolidated financial statements in this Annual Report for further discussion. Key Factors Affecting Our Performance Our historical financial performance has been, and we expect our financial performance in the future to be, driven by our ability to: Pursue Strategic Acquisitions We have successfully integrated businesses complementary to our own to increase both our distribution reach and our product and service capabilities. We continuously evaluate acquisitions and intend to further pursue targeted acquisitions that complement our product and service capabilities or provide us access to new markets. We have previously made, and intend to continue to make, acquisitions with the objective of enhancing our human capital and product and service capabilities, entering natural adjacencies, and expanding our geographic presence. Our ability to successfully pursue strategic acquisitions is dependent upon a number of factors, including sustained execution of a disciplined and selective acquisition strategy which requires acquisition targets to have a cultural and strategic fit, competition for these assets, purchase price multiples that we deem appropriate and our ability to effectively integrate targeted companies or assets and grow our business. We do not have agreements or commitments for any material acquisitions at this time. Deepen and Broaden our Relationships with Retail Broker Trading Partners We have deep engagement with our retail broker trading partners, and we believe we have the ability to transact in even greater volume with nearly all of them. For example, in 2024, our revenue derived from the Top 100 firms (as ranked by Business Insurance) expanded faster than our Organic revenue growth rate of 10.1%. Our ability to deepen and broaden relationships with our retail broker trading partners and increase sales is dependent upon a number of factors, including client satisfaction with our distribution reach and our product capabilities, retail brokers continuing to require or desire our services, competition, pricing, economic conditions, and spending on our product offerings. 55 Table of Contents Build Our Delegated Authority Business We believe there is substantial opportunity to continue to grow our Delegated Authority business, which includes both our Binding Authority Specialty and Underwriting Management Specialty. We believe that both M&A consolidation and panel consolidation have a long runway. We believe that both M&A consolidation and the use and reliance on scaled delegated Underwriting Management will continue to grow. Our ability to grow this business is dependent upon a number of factors, including a continuing ability to secure sufficient capital support from insurers, the quality of our services and product offerings, marketing and sales efforts to drive new business prospects and execution, new product offerings, the pricing and quality of our competitors’ offerings, and the growth in demand for the insurance products. Invest in Operations and Growth We have invested heavily in building a durable business that is able to adapt to the continuously evolving specialty and E&S markets and intend to continue to do so. We are focused on enhancing the breadth of our product and service offerings as well as developing and launching new solutions to address the evolving needs of the specialty insurance industry and markets. Our future success is dependent upon a number of factors, including our ability to successfully develop, market, and sell existing and new products and services to both new and existing trading partners. We will continue to prioritize strategic investments that support revenue growth such as investments in talent, de novo formations, product innovation and solutions, M&A, and technology in order to maximize long-term value creation, which could have a short-term margin impact. The Empower Program initiated in the first quarter of 2026 is designed to enhance efficiencies across all of our specialties. The efficiencies we gain through the Empower Program are expected to allow us to continue making strategic investments in growth, top-tier talent, de novo formations, and address the rapidly evolving needs of our clients. Generate Commission Regardless of the State of the Specialty and E&S Markets We earn commissions, which are calculated as a percentage of the total insurance policy premium, and fees. Changes in the insurance market or specialty lines that are our focus, characterized by a period of increasing (or declining) premium rates, could positively (or negatively) impact our profitability. Managing Changing Macroeconomic Conditions Growth in certain lines of business, such as project-based construction and M&A transactional liability insurance, is partially dependent on a variety of macroeconomic factors inasmuch as binding the underlying insurance coverage is subject to the underlying activity occurring. In periods of economic growth, liquid credit markets, and favorable interest rates, this underlying activity can accelerate and provide tailwin [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/RYAN/mda/fy2025/ All MD&A years: /company/RYAN/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/RYAN/mda/fy2024/): filed 2025-02-21; accession 0001628280-25-006973 (https://www.sec.gov/Archives/edgar/data/1849253/000162828025006973/ryan-20241231.htm) - [FY 2023 MD&A](/company/RYAN/mda/fy2023/): filed 2024-02-28; accession 0000950170-24-021657 (https://www.sec.gov/Archives/edgar/data/1849253/000095017024021657/ryan-20231231.htm) - [FY 2022 MD&A](/company/RYAN/mda/fy2022/): filed 2023-03-01; accession 0000950170-23-005335 (https://www.sec.gov/Archives/edgar/data/1849253/000095017023005335/ryan-20221231.htm) - [FY 2021 MD&A](/company/RYAN/mda/fy2021/): filed 2022-03-16; accession 0000950170-22-003831 (https://www.sec.gov/Archives/edgar/data/1849253/000095017022003831/ryan-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6411 Insurance Agents, Brokers & Service) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [M2SL](/indicator/M2SL/): M2 - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/RYAN.md · JSON record: /company/RYAN.json · verified financials: /company/RYAN/financials.json / /company/RYAN/financials.csv · machine TOC for the whole site: /llms.txt