Ryan Specialty Holdings, Inc. · NYSE:RYAN
Ryan Specialty — Q2 2025 Earnings Presentation
25 slides from Ryan Specialty's earnings presentation, Jul 31, 2025
Slide 1: Investor Presentation July 2025
INVESTOR PRESENTATION July 2025
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements: This presentation by Ryan Specialty Holdings, Inc. (the “Company,” “we,” “us”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve substantial risks and uncertainties and that reflect the
Slide 3: Our Founding Thesis
OUR FOUNDING THESIS TREND TREND TREND TREND #1 #2 #3 #4 World is becoming Retail brokers are getting Using too many wholesalers Delegated underwriting authority riskier and more complex substantially bigger is expensive and inefficient has durable value Retail broker CARRIERS UNDERWRITERS Want acc
Slide 4: Who We Are
WHO WE ARE We are a rapidly growing provider of specialty products and 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 broke
Slide 5: Driving Value by Securing Coverage for Complex Specialty Risks
DRIVING VALUE BY SECURING COVERAGE FOR COMPLEX SPECIALTY RISKS Traditional risks Standard 76% Insurance Carrier of the commercial market (Risk bearing) (Admitted market)1 Bespoke, complex, Insureds Retail or larger risks Broker 24% (Commission of the commercial market and fee model) (E&S market) Who
Slide 6: 78% of Our Premiums Are Placed in the Attractive E&S Market
78% OF OUR PREMIUMS ARE PLACED IN THE ATTRACTIVE E&S MARKET1 WHAT IS THE E&S MARKET? WHAT IS DRIVING THE E&S MARKET? Increasing catastrophe losses and Market for highly specialized risk of climate change insurance risks Increasing jury verdicts and social Freedom of rate and form inflation Prolifera
Slide 7: Total Addressable Market Is Poised for Further Gains
TOTAL ADDRESSABLE MARKET IS POISED FOR FURTHER GAINS E&S PREMIUMS & TOTAL NORTH AMERICA COMMERCIAL P&C PREMIUMS RYAN Total Addressable Market ($bn) Commercial Lines Premium E&S Premium Underlying E&S Market $479 $450 $116 E&S CAGR1 + Specialized Admitted Market P&C $356 $98 10.5% $66 + International
Slide 8: A Clear Value Proposition
A CLEAR VALUE PROPOSITION Retail Brokers Employees Carriers Wholesalers are a “force multiplier” for Independent, specialty firms like Ryan Carriers rely on wholesalers with retail brokers: Specialty are a destination of choice – the MGAs / MGUs for product expertise and Specialized expertis
Slide 9: Wholesale Brokers & MGUs Offer a Unique Value to Our Clients
WHOLESALE BROKERS & MGUS OFFER A UNIQUE VALUE TO OUR CLIENTS Product Expertise MGUs Provide Industry Lasting Expertise Solutions Wholesale Value Proposition Strength of Depth & Relationships Breadth of Drive Client Platform Outcomes Speed & Efficiency 9
Slide 10: Comprehensive, Full Service Product Offering
COMPREHENSIVE, FULL SERVICE PRODUCT OFFERING Delegated Authority Wholesale Binding Underwriting Brokerage Authority Management 56% 13% 31% Brand Focused, specialized servicing of retail Timely and secure access to insurance Provides carriers with effective market agent’s most challenging risks
Slide 11: Proven Ability to Attract, Retain and Develop Human Capital
PROVEN ABILITY TO ATTRACT, RETAIN AND DEVELOP HUMAN CAPITAL Our people are the key to our success and we seek the most talented professionals in the industry PRODUCER HIRING AND RETENTION KNOWLEDGE DEVELOPMENT INNOVATION Ryan Specialty’s platform and Cutting-edge sourcing and Innovation is part of o
Slide 12: Multiple Avenues for Growth
MULTIPLE AVENUES FOR GROWTH ORGANIC GROWTH STRATEGIC ACQUISITIONS Deepen and broaden relationships with retail brokers 62 acquisitions completed since founding Access to >30,000 retail insurance brokerage firms Approximately $59mm of revenue acquired in 2019, $240mm Ryan Specialty’s revenu
Slide 13: Financial Results Driven by Market Fundamentals
FINANCIAL RESULTS DRIVEN BY MARKET FUNDAMENTALS Secular growth drivers Strategies Ryan Specialty Double digit is pursuing organic growth4 3 2 1 4 - 6% Retail broker Retail broker Panel consolidation Faster growth 3 Products, structure, Ryan Specialty's 1 2 organic growth inorganic growth in E&S mark
Slide 14: Ryan Specialty's Ecosystem of Excellence
RYAN SPECIALTY’S UNIQUE STRATEGIES Ryan Specialty’s Ecosystem of Excellence Ecosystem of Excellence Our Ability to Innovate, Evolve, and Win is underpinned and perpetuated by our foundational pillars Entrepreneurial & Unique Relationships Scale and Scope of Empowering Culture and Position of Trust E
Slide 15: Structural Tailwinds Driving Delegated Authority Premium Growth
STRUCTURAL TAILWINDS DRIVING DELEGATED AUTHORITY PREMIUM GROWTH Increasing complexity More streamlined Variable, cost-efficient Industry increasingly Rising trust from carriers of risk driving strong operations and structure for carriers to attracting top underwriting driven by ability for select de
Slide 16: Created Best-in-Class Underwriting Management Solution
CREATED BEST-IN-CLASS UNDERWRITING MANAGEMENT SOLUTION Our Platform Is Well Positioned to Gain Share in a Fast-Growing Market Differentiated Supportive Carrier Differentiated Platform Attractive Financial Underwriting Expertise Partnerships Capabilities Profile Deep underwriting Long-term, durable P
Slide 17: Proven History of Double-Digit Organic Growth and Strong Margins
PROVEN HISTORY OF DOUBLE-DIGIT ORGANIC GROWTH AND STRONG MARGINS REVENUE ($MM) ADJUSTED EBITDAC2 ($MM) Adjusted Organic $2,814 $915 EBITDAC growth2 $2,516 Margin2 $811 $2,078 $625 $1,725 $517 $1,1871 $1,433 $3521 $460 $1,018 $294 21% 23% 17% 15% 13% 10%3 29% 32% 30% 30% 32% 33% 2020 2021 2022 2023 2
Slide 18: Financial Profile
FINANCIAL PROFILE OPERATING CASH FLOW STRONG BALANCE SHEET ($mm) March 31, 2025 Ryan Specialty's operating cash flow and conversion of EBITDAC to Free Unrestricted cash and cash equivalents $172 Cash Flow remains strong Operating cash flow is largely used to service existing debt, finance accret
Slide 19: Seasoned and Aligned Leadership Team
SEASONED AND ALIGNED LEADERSHIP TEAM Pat Ryan Timothy Turner Jeremiah Bickham Janice Hamilton Miles Wuller Ed McCormack Executive Chairman CEO, Ryan Specialty President Chief Financial Officer CEO, Underwriting Managers CEO, RT Specialty Chairman, RT Specialty Kieran Dempsey Brendan Mulshine Brenda
Slide 20: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Proven Ability to Attract, Retain and Develop Human Capital Deep Connectivity with Retail Brokers, Free of Channel Conflict Comprehensive Product Offering and Collaborative Relationships with Carriers Fragmented Industry and Benefits of Scale Perpetuate M&A Seasoned and Ali
Slide 21: Market Landscape of Wholesale Brokers and Delegated Authority
MARKET LANDSCAPE OF WHOLESALE BROKERS AND DELEGATED AUTHORITY LARGEST SPECIALTY INTERMEDIARIES TOP DELEGATED UNDERWRITING AUTHORITIES1 2023 P&C 2023 P&C Premiums Premiums Rank Company ($mm) Rank Company ($mm) 1 $33,200 1 $9,100 Only publicly traded 2 “pure play” 2 …and delegated 23,600 8,300 wholesa
Slide 22: Appendix
APPENDIX 22
Slide 23: Adjusted EBITDAC & Adjusted EBITDAC Margin Reconciliations
ADJUSTED EBITDAC & ADJUSTED EBITDAC MARGIN RECONCILIATIONS 6/30/25 ($MM) 2020 2021 2022 2023 2024 COMMENTARY LTM Total Revenue $1,018.3 $1,432.8 $1,725.2 $2,077.5 $2,515.7 $2,813.6 Net Income $70.5 $56.6 $163.3 $194.5 $229.9 $191.5 Interest expense $47.2 $79.4 $104.8 $119.5 $158.4 $210.8 Income tax
Slide 24: Credit Adjusted EBITDAC to Net Income Reconciliation
CREDIT ADJUSTED EBITDAC TO NET INCOME RECONCILIATION Twelve Months Ended ($MM) June 30, 2025 Total Revenue $2,813.6 Net Income $191.5 Interest expense, net 210.8 Income tax expense 86.0 Depreciation 11.0 Amortization 234.0 1 Change in contingent consideration (38.8) EBITDAC $694.3 Acquisition-relate
Slide 25: Summary Financials and Organic Growth Reconciliation
SUMMARY FINANCIALS AND ORGANIC GROWTH RECONCILIATION INCOME STATEMENT ($MM) ORGANIC GROWTH RECONCILIATION 6/30/25 6/30/25 2020 2021 2022 2023 2024 LTM 2020 2021 2022 2023 2024 YTD Revenues: Net Commissions and Fees Revenue Growth 34.0% 40.9% 19.5% 18.4% 21.2% 24.5% Rate1 Net commissions and fees $1,
Ryan Specialty Holdings — Q2 2025 Earnings Presentation on 6ix