Ryan Specialty Group (RYAN) Investor presentation summary

Market trends and industry dynamics

• Increasing risk and complexity in the world is driving demand for specialty insurance solutions, with retail brokers seeking more holistic offerings from fewer, larger partners.

• The excess & surplus (E&S) market is growing rapidly, now representing 26% of the commercial market, driven by factors like catastrophe losses, social inflation, cyber threats, and novel health risks.

• Retail brokers are consolidating their wholesale broker panels, increasing the need for scale and sophistication among wholesalers.

• Delegated underwriting authority is increasingly valued for its efficiency and ability to deliver specialized solutions.

• The total addressable market for specialty and E&S insurance is expanding, with E&S premiums showing a 10.6% CAGR from 2000 to 2024.

Business model and value proposition

• Provides specialty products and solutions for insurance brokers, agents, and carriers, focusing on complex and hard-to-place risks.

• 78% of premiums are placed in the E&S market, offering tailored coverage and flexibility not available in the admitted market.

• Operates through wholesale brokerage, binding authority, and delegated underwriting management, with a diversified product and service platform.

• Maintains strong relationships with over 30,000 retail brokers and is a preferred partner for carriers seeking access to specialized talent and distribution.

• Attracts and retains top industry talent, with a 98% producer retention rate in 2024 and a strong focus on training and innovation.

Financial performance and growth

• Achieved $3.0 billion in LTM total revenue as of September 30, 2025, with 24.2% YTD total revenue growth and 11.4% YTD organic revenue growth.

• Demonstrated a history of double-digit organic growth and strong adjusted EBITDAC margins, reaching 32.4% in the latest period.

• Operating cash flow and EBITDAC-to-cash flow conversion remain robust, supporting debt service, acquisitions, and reinvestment.

• Increased quarterly dividend by 9% in February 2025, reflecting confidence in ongoing cash generation.

• Net leverage stood at 3.4x as of September 30, 2025, with recent upgrades in credit ratings and stable outlooks from major agencies.