Benjamin M. Wuller
About Benjamin M. Wuller
Benjamin M. Wuller is CEO of Ryan Specialty Underwriting Managers (RSUM), serving in this role since October 2021; he concurrently served as RSUM’s President from March 2021 to February 2025 and previously held EVP and COO roles at RSUM after joining Ryan Specialty in 2010 as Treasurer leading capital and M&A strategy. He is 49, holds a Bachelor of Architecture from the University of Kansas and an MBA from the University of Chicago Booth School of Business, and spent ten years at Aon in corporate finance, risk management, and derivatives trading, culminating as Assistant Treasurer – Investments & Corporate Development . Company performance metrics tied to executive pay emphasize Organic Revenue Growth (12.1% in 2024), Adjusted EBITDAC Margin (31.5% in 2024), and TSR (company TSR up 136% since IPO vs 42% for S&P 500 Financials peer group), which drive his annual and long-term incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ryan Specialty Underwriting Managers (RSUM) | CEO | Since Oct 2021 | Leads underwriting management; performance-linked incentives focused on organic growth, margin, and TSR . |
| RSUM | President | Mar 2021–Feb 2025 | Operational leadership across MGUs/programs; alignment to BU growth and expense margin metrics . |
| RSUM | Executive Vice President | Oct 2020–Mar 2021 | Senior leadership continuity into RSUM CEO role . |
| RSUM | Chief Operating Officer | Jun 2015–Oct 2020 | Built underwriting operations capabilities and scalability . |
| Ryan Specialty (Corporate) | Treasurer | 2010 onward | Led capital activity and executed M&A strategy across specialty insurance . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aon Corporation | Various roles in corporate finance, financial risk management, derivatives trading; Assistant Treasurer – Investments & Corporate Development | Ten years | Advanced corporate finance and risk management expertise; relevant to RSUM execution . |
Fixed Compensation
| Component | 2024 | 2025 (effective Mar) |
|---|---|---|
| Base Salary ($) | $750,000 | $850,000 |
| Target Bonus % of Salary | 200% | 200% (unchanged per committee’s 2025 plan) |
| Actual STI Bonus Paid ($) | $1,839,399 (paid early 2025) | — |
Performance Compensation
2024 Short-Term Incentive (Executive Incentive Business Unit Plan)
| Metric | Weighting | Target/Payout Scale | 2024 Actual | Payout Factor |
|---|---|---|---|---|
| Organic Revenue Growth | 15% | <5%→0%; 10–12%→100%; >16%→150% | 12.1% | 101.7% of target |
| Adjusted EBITDAC Margin | 15% | <30.00%→0%; 31.00–31.25%→100%; >31.75%→150% | 31.5% | 120.3% of target |
| Business Unit Organic Revenue Growth | 20% | <5%→0%; 10–12%→100%; >16%→150% | 13.7% | 121.6% of target |
| Business Unit Compensation & T&E Margin | 20% | >44.75%→0%; 42.25–43.25%→100%; <42.25%→150% | 43.24% | 100% of target |
| Individual Merit-Based Achievement | 30% | Qualitative (culture/results/client/team/inclusion) | Committee set at 150.0% | 150.0% |
| Total STI Outcome | — | — | — | ~122.6% of target (consistent with $1,839,399 paid) |
Long-Term Incentives Granted in 2024 (PSUs/PLUs)
| Item | Detail |
|---|---|
| Grant Date and Type | March 1, 2024 PSUs/PLUs; Threshold 71,185, Target 94,913, Maximum 142,369; Grant Date Fair Value $2,349,097 . |
| Vesting | Cliff vest on April 1, 2029 (Certification Date), subject to continued employment through Jan 1, 2029 . |
| Performance Conditions | Must meet: (i) Adjusted EBITDAC Margin Target by 2027 and maintained through 2028; (ii) 4-year Organic Revenue Growth CAGR (2024–2027); (iii) Stock price CAGR from 2/29/2024 close to average of Q4’27 VWAP and Q1’28 VWAP; payout at 75% (threshold), 100% (target), 150% (max) if margin and organic growth floors are met; otherwise forfeit . |
| Termination Treatment | Without “Cause”: remains outstanding, pro-rated to termination date; Death/Disability: earned portion vests based on actual performance, with margin deemed achieved as of termination . |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial Ownership | 92,577 Class A shares; 441,206 Class B shares; <1% of each class outstanding . |
| Vested vs. Unvested | Unvested RLUs: 2,726 units as of 12/31/2024 (vested Apr 1, 2025); Market value $174,900 at $64.16 close . Unvested PSUs/PLUs: 142,369 max units granted 3/1/2024 . |
| Options/Class C Units | Reload Class C Units granted 7/22/2021 fully vested/exercisable (64,945; threshold $23.34); Class C Units granted 3/03/2023 unexercisable (65,274; threshold $40.74); Class C Units have “option-like” return thresholds and multi-year vesting through 2030 . |
| Stock Ownership Guidelines | Executives must accumulate stock equal to 4x salary (CEO: 6x) within five years; Wuller’s compliance date Oct 30, 2029; all executive officers currently in compliance with guidelines/holding requirements . |
| Hedging/Pledging | Prohibited for directors and employees absent Board approval; anti-hedging and anti-pledging policy disclosed . |
| Grant Timing Policy | Equity grants made no more than once per quarter, effective ~third business day after earnings; no stock options or Class C Units awarded to NEOs in FY2024 . |
| Section 16 Compliance | Company states executive officers and directors reported transactions timely for 2024 (exceptions noted for other individuals; none for Wuller) . |
Employment Terms
| Provision | Terms |
|---|---|
| Severance Plan (Non-CIC) | Grade 12 executives (including Wuller): 1.0x sum of base salary + target bonus; prorated annual bonus at actual performance; lump sum equal to 12 months of health/welfare benefits; non-compete and non-solicit apply during severance period . |
| Severance Plan (Change-in-Control) | Double trigger: if termination occurs in CIC window, 2.0x base + target bonus; prorated bonus deemed at target; lump sum equal to 24 months of health/welfare benefits . |
| Clawback Policy | Complies with Exchange Act Section 10D and NYSE standards; recovery of erroneously awarded incentive compensation within lookback period upon accounting restatement, regardless of fault . |
| Other Terms | LTI termination treatments: continued/pro-rated/accelerated vesting as applicable for IPO awards, RLUs/RSUs, and PSUs/PLUs; Qualified Retirement concept eliminated from post-IPO RLUs/RSUs/2023 Class C Units . |
| Tax Gross-Up | No excise tax gross-ups; severance uses cutback vs best-net approach re: Section 280G/4999 . |
Performance & Track Record
- 2024 results underpin STI and LTI calibration: Organic Revenue Growth 12.1% and Adjusted EBITDAC Margin 31.5% contributed to above-target STI outcome for Wuller (122.6% of target) .
- TSR alignment: company TSR increased 136% since IPO versus 42% peer group TSR (S&P 500 Financials), reinforcing long-term equity value orientation embedded in PSUs/PLUs and multi-year vesting .
Compensation Structure Analysis
- Cash vs Equity Mix: Majority of compensation is variable and performance-based; base set above median but emphasis on STI/LTI; 2024 SCT shows salary $725,962, stock awards $2,349,097, and bonus $1,839,399 for Wuller, reflecting heavy equity orientation .
- Shift/Options: No option repricing or backdating; no options or Class C Units awarded to NEOs in FY2024; grants focused on PSUs/PLUs with stringent performance floors and stock price CAGR ladders .
- Targets: STI targets retained; BU-specific metrics add operational accountability (BU organic revenue growth, BU expense margin) .
Related Party Transactions and Red Flags
- Anti-pledging/hedging: explicit prohibition enhances alignment .
- Say-on-pay and governance: annual say-on-pay, independent comp consultant, and committee of independent directors; no excise tax gross-ups; no guaranteed annual incentive payouts .
- No Wuller-specific related party transactions disclosed; Section 16 filings timely for executive officers .
Investment Implications
- Alignment: Strong pay-for-performance via STI metrics and PLU/PSU performance floors tied to Adjusted EBITDAC margin, organic growth CAGR, and stock price CAGR; clawback and anti-hedging/pledging policies reduce misalignment risk .
- Retention and Selling Pressure: Material LTI cliff vest in 2029 and multi-year Class C Unit vesting through 2030, plus RSU/RLU schedules, indicate ongoing retention hooks and limit near-term discretionary selling; 2024 NEOs received no new options/Class C Units, focusing on performance-linked equity .
- Severance Economics: Double-trigger CIC protections with 2.0x salary+target bonus and prorated bonus at target, combined with non-compete/non-solicit, support continuity but also create defined transition economics; outside CIC, 1.0x salary+target bonus .
- Execution Signal: Wuller’s BU performance (STI ~122.6% of target with 150% merit component) suggests strong operational delivery in RSUM against organic growth and expense discipline metrics; ongoing compliance with ownership guidelines (4x salary by Oct 30, 2029) reinforces skin-in-the-game .