Elyse Greenspan

Meyer Shields

Robert Cox

Alex Scott

Michael Zaremski

Andrew Kligerman

Brian Meredith

Grace Carter

Josh Shanker

Katie Sakys

Wesley Carmichael

- Ryan Specialty reported **$3.0 billion** in LTM Total Revenue as of September 30, 2025, reflecting **24.2%** YTD Total Revenue Growth and **11.4%** YTD Organic Revenue Growth for the period.  **[0001849253_2217972:7]** **[0001849253_2217972:7]** 
- The company achieved an LTM Adjusted EBITDAC of **$960.5 million** with a **32%** Adjusted EBITDAC Margin as of September 30, 2025.  **[0001849253_2217972:15]** **[0001849253_2217972:20]** **[0001849253_2217972:22]** 
- As of September 30, 2025, net leverage on a credit basis stood at **3.4x**.  **[0001849253_2217972:16]**  The company also increased its regular quarterly dividend by **9% to $0.12/share** in February 2025 and received a Moody's corporate family rating upgrade to Ba3 in August 2025, resulting in a **25bps savings in borrowing margin**.  **[0001849253_2217972:16]** 
- Ryan Specialty has completed acquisitions totaling **$115 million** in revenue thus far in 2025.  **[0001849253_2217972:12]**

Ryan Specialty Announces Q3 2025 Financial Results

- Ryan Specialty Holdings reported **Total Revenue of $754.6 million** for the third quarter ended September 30, 2025, marking a **24.8% year-over-year increase**, with an **Organic Revenue Growth Rate of 15.0%**.  **[1849253_4b0ed268fb9449d8bed7400a0510b05b_0]** 
- **Net Income for Q3 2025 increased 118.6%** year-over-year to **$62.6 million**, or **$0.20 per diluted share**. **Adjusted Diluted Earnings Per Share grew 14.6%** to **$0.47**.  **[1849253_4b0ed268fb9449d8bed7400a0510b05b_0]** 
- **Adjusted EBITDAC increased 23.8%** year-over-year to **$235.5 million** for the third quarter of 2025.  **[1849253_4b0ed268fb9449d8bed7400a0510b05b_0]** 
- The company declared a regular quarterly dividend of **$0.12 per share** payable on November 25, 2025.  **[1849253_4b0ed268fb9449d8bed7400a0510b05b_6]** 
- For the full year 2025, Ryan Specialty is guiding to a **double-digit Organic Revenue Growth Rate** and an **Adjusted EBITDAC Margin of flat to modestly down** compared to the prior year.  **[1849253_4b0ed268fb9449d8bed7400a0510b05b_6]**

Ryan Specialty Reports Strong Third Quarter 2025 Results and Updates Full Year Guidance

- Ryan Specialty Holdings, Inc. reported **total revenue** of **$754.6 million** for the third quarter ended September 30, 2025, an increase of **24.8%** year-over-year, with an **Organic Revenue Growth Rate** of **15.0%**.  **[1849253_0001849253-25-000013_ryan-20250930xex991.htm:0]** **[1849253_0001849253-25-000013_ryan-20250930xex991.htm:1]** 
- **Net Income** for Q3 2025 increased **118.6%** year-over-year to **$62.6 million**, with **Diluted Earnings Per Share** at **$0.20**.  **[1849253_0001849253-25-000013_ryan-20250930xex991.htm:0]** **[1849253_0001849253-25-000013_ryan-20250930xex991.htm:1]** 
- **Adjusted EBITDAC** grew **23.8%** year-over-year to **$235.5 million**, and **Adjusted Diluted Earnings Per Share** increased **14.6%** to **$0.47**.  **[1849253_0001849253-25-000013_ryan-20250930xex991.htm:0]** **[1849253_0001849253-25-000013_ryan-20250930xex991.htm:1]** 
- The company's board of directors declared a regular quarterly dividend of **$0.12 per share** on October 30, 2025, payable on November 25, 2025.  **[1849253_0001849253-25-000013_ryan-20250930xex991.htm:3]**

Ryan Specialty Holdings, Inc. Reports Strong Third Quarter 2025 Results

- **Ryan Specialty Holdings, Inc.** has agreed to acquire **Stewart Specialty Risk Underwriting Ltd. (SSRU)**, a Toronto-based managing general underwriter specializing in high-hazard property and casualty insurance across Canada.  **[1849253_49d8aef901c4447792e4fea49b62c135]** 
- SSRU reported approximately **CAD$18 million in operating revenue** for the year ending September 2025.  **[1849253_49d8aef901c4447792e4fea49b62c135]** 
- The transaction includes B.P. Marsh & Partners Plc selling its **28.2% stake in SSRU for CAD $51.9 million**.  **[1849253_49d8aef901c4447792e4fea49b62c135]** 
- A potential additional performance-related payment of up to **CAD $24 million** is expected to be paid to SSRU's existing shareholders in the first quarter of 2026, based on 2025 financial performance.  **[1849253_49d8aef901c4447792e4fea49b62c135]** 
- The acquisition is anticipated to close in the **fourth quarter of 2025**.  **[1849253_49d8aef901c4447792e4fea49b62c135]**

Ryan Specialty Holdings to Acquire Stewart Specialty Risk Underwriting

- Ryan Specialty has signed a definitive agreement to acquire **Stewart Specialty Risk Underwriting (SSRU)**, a managing general underwriter (MGU) based in Toronto, Canada.  **[1849253_61f77be4d28a49d684487b6d8efaf1ce_0]** 
- SSRU specializes in underwriting large-account, high-hazard property and casualty solutions and will become part of the Ryan Specialty Underwriting Managers division.  **[1849253_61f77be4d28a49d684487b6d8efaf1ce_0]** 
- This acquisition is expected to **expand Ryan Specialty's capabilities in Canada** and significantly increase its total addressable market.  **[1849253_61f77be4d28a49d684487b6d8efaf1ce_0]** 
- SSRU generated approximately **CAD$18 million (USD$13 million) of operating revenue** for the 12 months ended September 30, 2025.  **[1849253_61f77be4d28a49d684487b6d8efaf1ce_1]** 
- The transaction is anticipated to close in the **fourth quarter of 2025**.  **[1849253_61f77be4d28a49d684487b6d8efaf1ce_1]**

Ryan Specialty to Acquire Canadian MGU Stewart Specialty Risk Underwriting

- Ryan Specialty Holdings has appointed **Steve Keogh**, Chief Operating Officer, and **Brendan Mulshine**, Chief Revenue Officer, as Co-Presidents.  **[1849253_93978235c87e4004b61ba2dcc15b12f8]** 
- **Jeremiah Bickham**, who previously served as President, will transition to a strategic advisor role until the end of **2025** before leaving the company.  **[1849253_93978235c87e4004b61ba2dcc15b12f8]** 
- Keogh and Mulshine will continue in their current roles and report directly to CEO Tim Turner.  **[1849253_93978235c87e4004b61ba2dcc15b12f8]** 
- The company has a market capitalization of approximately **$7.46 billion**, with trailing twelve-month sales reaching **$2.81 billion** and an EBITDA margin of **26.06%**.  **[1849253_93978235c87e4004b61ba2dcc15b12f8]**

RYAN SPECIALTY HOLDINGS (RYAN)