Ryan Specialty Holdings, Inc. (NYSE: RYAN)

Ryan Specialty Holdings Inc is an international specialty insurance intermediary that provides specialty products solutions and services for insurance brokers agents and carriers. The company offers distribution underwriting product development administration and risk management services through its wholesale brokerage platform and through delegated underwriting authority via its managing underwriter binding authority and national program operations. Its expertise spans property casualty professional lines transportation personal lines workers compensation and employee benefits insurance. Ryan Specialty Holdings Inc operates primarily in the excess and surplus E&S market where it places a significant majority of the premiums it brokers.

Ryan Specialty Holdings Inc generates revenue primarily through commissions and fees for the services it provides to insurance brokers agents and carriers. The company’s main revenue streams are wholesale brokerage binding authority and underwriting management activities. These services enable retail brokers to place complex or hard to place risks and allow carriers to access distribution underwriting and product expertise. The firm serves a diverse customer base that includes retail insurance brokers insurance agents and insurance carriers ranging from Lloyd’s syndicates to multi line underwriters.

The company operates through the following segments: Wholesale Brokerage Binding Authority and Underwriting Management.

• Wholesale Brokerage assists retail insurance brokers in procuring a wide range and diversified mix of specialty property casualty professional lines personal lines and workers compensation insurance products from insurance carriers. It operates predominantly under the RT Specialty brand along with RT ProExec and CERT. The specialty provides efficient variable cost distribution in all 50 states through extensive relationships with retail brokers. For the year ended December 31 2025 Wholesale Brokerage generated 1,600.4 million in net commission and fees representing 53.4 percent of total net commission and fees.

• Binding Authority provides timely and secure access to carrier trading partners that have granted delegated underwriting authority to the company through in house binding agreements. It operates under the RT Specialty Connector and RT Binding Authority brands. The specialty focuses on larger volume smaller premium policies with well defined underwriting criteria allowing swift turnaround and the authority to bind carriers regardless of risk complexity. For the year ended December 31 2025 Binding Authority generated 370.2 million in net commission and fees representing 12.4 percent of total net commission and fees.

• Underwriting Management offers insurance and reinsurance carriers cost effective specialty market expertise in distinct and complex market niches underserved in today’s marketplace through MGAs and MGUs that act on behalf of carriers. It operates under multiple brands collectively referred to as Ryan Specialty Underwriting Managers. The specialty provides authority to design underwrite bind and administer policies for specific risks and includes a National Programs Platform that offers commercial insurance for specific product lines or industry classes. For the year ended December 31 2025 Underwriting Management generated 1,024.0 million in net commission and fees representing 34.2 percent of total net commission and fees.

Ryan Specialty Holdings Inc is the second largest U S P C insurance wholesale broker and the largest U S P C managing underwriter based on 2024 premium volume as reported in the Excess and Surplus Lines Market special report from Business Insurance. The company competes with national insurance wholesale brokers as well as numerous specialist regional and local firms across its business lines. Its competitive advantages stem from best in class intellectual capital long standing relationships with retail brokers and carriers and a full suite of product offerings that include wholesale brokerage binding authority and underwriting management. The firm also benefits from an absence of channel conflict with retail broker clients which strengthens its position on wholesale panels of major retail brokerage firms.

Ryan Specialty Holdings Inc serves retail insurance brokers and agents insurance carriers and other intermediaries such as wholesale brokers and reinsurance brokers. Its retail broker client base includes global national regional and local firms with access to over 35,000 retail brokerage firms and preferred relationships with all of the top 100 retail insurance brokers. The company works with insurance carriers ranging from Lloyd’s syndicates to multi line underwriters and E&S specialists. No single retail broker or carrier accounted for more than 8.8 percent or 6.1 percent of total revenue respectively in 2025.