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Ryan Specialty Group Holdings Inc. reported a 49% increase in third-quarter revenue to $352.8 million, driven by strong organic growth and the acquisition of All Risks Ltd.
The Chicago-based wholesaler and underwriting manager reported 28.9% organic revenue growth compared with the same period last year, which excludes the effects of acquisitions, foreign exchange and other adjustments.
Ryan Specialty’s wholesale brokerage net commissions and fees rose 48.3% to $229.1 million; binding authority net commissions and fees grew 46.1% to $52.8 million; and underwriting management net commissions and fees increased 53.4% to $70.7 million, according to the company’s earnings statement.
“Pricing in the E&S market remains firm and resilient,” said Patrick G. Ryan, chairman and CEO of Ryan Specialty, during a conference call with analysts after the markets closed Thursday.
While rate increases are decelerating in excess casualty, prices are rising sharply in other areas of the market, such as cyber liability, added Timothy W. Turner, president of the company.
Ryan Specialty will continue to pursue acquisitions, and its pipeline of potential deals is “robust,” Mr. Ryan said.
“We will remain very active but disciplined with respect to M&A,” he said.
The company expects full-year organic growth of between 21.5% and 22.5%, the statement said. The fourth-quarter organic growth rate will be affected by a surge in growth in the fourth quarter of 2020 after pandemic-related restrictions were eased, said Jeremiah R. Bickham, Ryan Specialty’s chief financial officer.
Ryan Specialty Group Inc. on Friday named Miles Wuller as CEO of its RSG Underwriting Managers unit, replacing Tom Clark, who is leaving the Chicago-based specialty intermediary at the end of the month.