Ryan Specialty reports 26% revenue increase in Q2
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Ryan Specialty Group Holdings Inc. reported $491.3 million in revenue for the second quarter, a 26% increase compared with the same period in 2021 and a 22.3% increase on an organic basis.
Net income increased 10.6%, to $70.1 million.
Wholesale brokerage accounted for 67.2% of revenue, underwriting management 20.6%, and binding authorities 12.2%, the company said.
Patrick G. Ryan, RSG’s chairman and CEO, said during the company’s RSG’s earnings call that the excess and surplus lines market “remains robust and the flow of business at historically high levels.”
He said, “We believe we remain well positioned and expect favorable insurance market dynamics to persist.”
Ryan Specialty President Timothy W. Turner said, the E&S market “remains firms in nearly all classes of business,” with the flow of business into the nonadmitted markets a continuing driver of growth, “more so than rate.”
Mr. Ryan said also the brokerage is actively exploring merger and acquisition activity, both tuck-ins and large acquisitions, which must be a “strong cultural fit and accretive to our returns.”
