Ryan Specialty Holdings, Inc. · NYSE:RYAN
Ryan Specialty — Investor Presentation (August 2026)
32 slides from Ryan Specialty's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026
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: Ryan Specialty Overview
1 RYAN Ryan Specialty SPECIALTY Overview
Slide 4: Preeminent Specialty Insurance Firm
Preeminent Specialty Insurance Firm In Wholesale Brokerage, we connect over 35,000 retail brokers to specialized capacity providers in the placement of complex and difficult risks In Delegated Underwriting Authority, which consists of Binding Authority and Underwriting Management, we work with retai
Slide 5: Our Mission: Provide Innovative Insurance Solutions to Brokers, Agents, & Carriers
Our Mission: Provide Innovative Insurance Solutions to Brokers, Agents, & Carriers Wholesale Distribution Delegated Underwriting Authority 52% 48% Specialty Distribution Specialty Underwriting #2 Wholesale Broker1 #1 Delegated Underwriting Authority (“DUA”)1 World-class expertise across industry ver
Slide 6: Evolution and Growth of Ryan Specialty
Evolution and Growth of Ryan Specialty Delegated Total Underwriting Authority Total Adjusted Total Total Shareholder Revenue Growth share of Revenue1 EBITDAC Growth2 M&A deals Return (TSR)3 26% 48% 31% 63 93% CAGR 2019-2025 up from 33% in 2019 CAGR 2019-2025 since founding since IPO in 2010 1 Specia
Slide 7: Wholesale Brokerage: Expertise Across Specialty Risks
Wholesale Brokerage: Expertise Across Specialty Risks PORTFOLIO BY INDUSTRY VERTICAL1 VALUE PROPOSITION TO CLIENTS DIFFERENTIATED BROKING EXPERTISE (% of Total Written Premium) Specialty Expertise: Deep practice groups in the Breadth across various specialty & + Non-Admitted Admitted most complex,
Slide 8: Delegated Authority: Aligned to Performance, Governed and Run by Experts
Delegated Authority: Aligned to Performance, Governed and Run by Experts PORTFOLIO BY PRODUCT & MARKET1 UNDERWRITING SUPPORT PROOF POINTS UNIQUE DELEGATED AUTHORITY PLATFORM Non-Admitted Admitted + Years of investment to diversify outside of UNDERWRITING MANAGEMENT 62% 38% Fixed Property (31%) Hig
Slide 9: Our Differentiation
2 our RYAN Differentiation aaa
Slide 10: Our Differentiation
Our Differentiation Eight reasons, one system: the engine powers the drivers, the drivers compound into durable, industry- leading growth, all supported by a disciplined capital allocation framework and seasoned leadership team THE ENGINE THE GROWTH DRIVERS THE OUTPUT 2 Secular tailwinds 3 Talent 1
Slide 11: We Lead the Market by Delivering Innovative Solutions at Scale
1 We Lead the Market by Delivering Innovative Solutions at Scale INDUSTRY LEADERSHIP AT SCALE A FLYWHEEL THAT NATURALLY COMPOUNDS OVER TIME Wholesale Brokerage 1. Widest View of Risk 2. Faster Innovation Proprietary flow & data from Identify the need, innovate faster, 35k+ retail broker clients 1 2
Slide 12: Secular Trends Reinforce and Enhance Leading Position
2 Secular Trends Reinforce and Enhance Leading Position Global risk complexity is accelerating, driving continued need for freedom of rate Risk and form, and thus driving flow of business, into the specialty and E&S channel Clients Retail brokers and Carriers are poised for continued growth Panel Re
Slide 13: Talent is a Compounding Advantage
3 Talent is a Compounding Advantage Ryan Specialty is the destination of choice for elite talent Producer Hiring and Retention Knowledge Development Innovation Destination of choice for top-tier Innovation is part of our DNA and Cutting-edge sourcing and talent; 2025 producer hiring class is leverag
Slide 14: Product Innovation and TAM Expansion: Wholesale Brokerage
4 Product Innovation and TAM Expansion: Wholesale Brokerage Ryan Specialty’s addressable market within core wholesale brokerage expands beyond the E&S Market SPECIALTY DISTRIBUTION 10-yr CAGR5 Commercial P&C ~$500bn1 6% Available TAM is almost half of the U.S. Commercial P&C market North America p
Slide 15: Product Innovation and TAM Expansion: Delegated Underwriting Authority
4 Product Innovation and TAM Expansion: Delegated Underwriting Authority Ryan Specialty has expanded its total addressable market within Delegated Underwriting Authority outside the MGA / MGU practice vertical, and into numerous specialty areas of growth UNIQUE DELEGATED AUTHORITY PLATFORM 10-yr CAG
Slide 16: M&A Engine that Enhances Attractive Growth Profile
5 M&A Engine that Enhances Attractive Growth Profile Disciplined approach to M&A that compounds long-term value creation Target market-leading specialty firms Drive organic growth through expanded capabilities Source Partner with entrepreneurial management Invest further in these businesses,
Slide 17: Durable Model Supported by Industry-leading Growth & Strong Margins
6 Durable Model Supported by Industry-leading Growth & Strong Margins Years of deliberate reinvestment built the platform. Empower now creates the flexibility to expand margin while we keep investing. PRIORITIZE GROWTH THE EMPOWER PROGRAM FORWARD MARGIN EXPANSION ▪ Deliberately prioritized industry-
Slide 18: Disciplined Capital Allocation Framework
7 Disciplined Capital Allocation Framework MAINTAIN FINANCIAL FLEXIBILITY • Strong and sustainable FCF afforded by our asset light model 1 Preserve sufficient liquidity and prudent • Stated leverage corridor of 3.0x – 4.0x leverage to support operations and on a credit basis1 strategic growth. INVES
Slide 19: Seasoned and Aligned Leadership Team
8 Seasoned and Aligned Leadership Team Pat Ryan Tim Turner Janice Hamilton Brendan Mulshine Miles Wuller Steve Keogh Executive Chairman CEO, Ryan Specialty Chief Financial Officer Co-President CEO, Underwriting Managers Co-President Chairman, RT Specialty CEO, RT Specialty Chief Operating Officer Ki
Slide 20: Our Markets
3 our RYAN SPECIALTY Markets
Slide 21: Strategically Positioned at Multiple Points Along the Value Chain
Strategically Positioned at Multiple Points Along the Value Chain A INSURED Specialty Distribution RETAIL AGENT Multiple sources of commission and profit share WHOLESALE • Wholesale: market access and technical WHOLESALE expertise for complex or niche risks • Binding Authority: streamlines process
Slide 22: Comprehensive, Full-service Product Offering
Comprehensive, Full-service Product Offering Wholesale Brokerage Delegated Underwriting Authority Brand Focused, specialized servicing of retail Carriers define the underwriting box and tap Fully outsourced underwriting company Value brokers’ most challenging risks into our broad distribution
Slide 23: Leader in Specialty E&S Placements
Leader in Specialty E&S Placements DRIVING VALUE BY SECURING COVERAGE FOR SPECIALTY RISKS STATE OF THE E&S MARKET Traditional Risks Bespoke, Complex, or Larger Risks E&S Premiums & Total North America Commercial P&C Premiums1 ($bn) 74% 26% E&S Premium of the commercial market (Admitted market)1 of t
Slide 24: Structural Tailwinds Driving Delegated Underwriting Authority Growth
Structural Tailwinds Driving Delegated Underwriting Authority 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 sele
Slide 25: Market Landscape of Wholesale Brokers and Delegated Underwriting Authority
Market Landscape of Wholesale Brokers and Delegated Underwriting Authority LARGEST SPECIALTY INTERMEDIARIES LARGEST DELEGATED UNDERWRITERS 2024 P&C Premiums 2024 P&C Premiums Rank Company ($ in billions) Rank Company ($ in billions) …and delegated 1 $37.0 1 $12.7 underwriting Only authority publicly
Slide 26: Financial Profile
RYAN SPECIALTY Financial Profile
Slide 27: Track Record of Strong Organic Growth and Earnings Growth
Track Record of Strong Organic Growth and Earnings Growth We have grown Revenue at 26% and Adj EBITDAC2 at 31% CAGR from 2019-2025 Revenue ($mm) Adjusted EBITDAC2 ($mm) 18% 21% 23% 17% 15% 13% 10% 9%3 25% 29% 32% 30% 30% 32% 32% 32% Organic Growth2 $3,218 Adjusted EBITDAC Margin2 $1,017 $3,051 $967
Slide 28: Financial Profile
Financial Profile LIQUIDITY DEBT MATURITY SCHEDULE Maintains sufficient liquidity to fund operations and continue investing in growth, with cash on Ample maturity runway, with majority of funded debt complex due in 2030 and beyond hand and ~$1.0bn of capacity under our revolving credit facility
Slide 29: Appendix
RYAN SPECTALTY Appendix
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDAC, Credit Adjusted EBITDAC and Adjusted EBITDAC Margin 6/30/26 ($MM) 2019 2020 2021 2022 2023 2024 2025 LTM Commentary Total Revenue $765.1 $1,018.3 $1,432.8 $1,725.2 $2,077.5 $2,515.7 $3,051.1 $3,217.7 Net Income $63.1 $70.5 $56.6 $163.3 $194.5 $229.9 $214.2
Slide 31: Summary Financials and Organic Growth Reconciliation
Summary Financials and Organic Growth Reconciliation Income Statement ($mm) Organic Growth Reconciliation 6/30/26 6/30/26 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 LTM YTD Revenues: Net Commissions and Fees Revenue 25.0% 34.0% 40.9% 19.5% 18.4% 21.2% 21.9% 11.1% Growth Ra
Slide 32: Our Mission: To provide industry-leading innovative specialty insurance solutions
Our Mission: To provide industry- leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. 32
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