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Ryan Specialty
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Latest analysis
Updated Oct 30, 2026
Ryan Specialty Q3 2026: Organic growth decelerates to 4% as property rate softening accelerates, offset by Empower restructuring savings on track for $80M annual run-rate by 2029
Ryan Specialty's Q3 2026 10-Q reveals a deliberate pivot from acquisition-led growth to operational efficiency: organic revenue growth decelerated sharply to 4.0% in Q3 2026 from 15.0% in Q3 2025, driven by continued property premium rate declines and retailers recapturing direct placement opportunities. Underwriting Management is carrying the growth load, up 17.3% year-to-date, while the Empower Program — a $160 million three-year restructuring initiative — has consumed $63.1 million of expense through nine months and is positioned to deliver $80 million in annualized savings beginning 2029. The Company deployed $450 million in share repurchases through Q3, a capital allocation shift with no acquisition activity in the period, signaling management's conviction that the stock is undervalued relative to internal return thresholds.
Tone: mixedRevenue
$3.1B
RYAN 10-K · FY 2025
Employees
6,110
Revenue FY2024
$2.5B
Founded
2010
Profile
RYAN 10-K Item 1 · Feb 13, 2026Ryan Specialty is an international specialty insurance intermediary founded in 2010 that provides wholesale brokerage, binding authority, and underwriting management services to retail brokers, agents, and carriers. The company operates predominantly in the E&S market and is the second-largest U.S. P&C wholesale broker and the largest U.S. P&C managing underwriter by premium volume. It earns revenue primarily through commissions and fees and has grown through a combination of organic hiring, acquisitions, and technology investment.
Read filing description ↓ Collapse description ↑
Founded by Patrick G. Ryan in 2010, Ryan Specialty is an international specialty insurance intermediary that provides specialty products, solutions, and services for insurance brokers, agents, and carriers. We provide distribution, underwriting, product development, administration, and risk management services through our wholesale brokerage platform and, on behalf of insurance carriers, through delegated underwriting authority via our managing underwriter, binding authority, and national program operations. Our expertise spans an extensive array of property, casualty, professional lines, transportation, personal lines, workers' compensation, and employee benefits insurance. Our mission is to provide industry-leading innovative solutions for insurance brokers, agents, and carriers. For retail insurance brokers, we assist in the placement of complex or otherwise hard-to-place risks. For insurance carriers, we 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, which we refer to as Lloyd's. 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.
Primary products
- Wholesale Brokerage
- Binding Authority
- Underwriting Management
- RT Connector
- National Programs Platform
- Ryan Re Underwriting Managers
Business segments
End markets
Geographies
Named customers
The top five retail brokers in the United States account for 23.2% of our revenue, and no single retail broker accounted for more than 8.8% of total revenue in 2025. No carrier accounted for more than 6.1% of total revenue in 2025 (excluding all Lloyd's syndicates combined).
“We are 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 published in the Excess & Surplus Lines Market special report from Business Insurance.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue grew from $2.52 billion in 2024 to $3.05 billion in 2025, driven by growth across all three specialties and contributions from acquisitions completed during the year.
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