Ryan Specialty files IPO documents with SEC

Ryan Specialty Group LLC Tuesday said it plans to become a publicly held company.

The wholesaler said in a statement it has confidentially submitted a draft registration form, Form S-1, with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock.

The statement said the number of shares to be offered and the price range for the proposed offering have not yet been determined.

Ryan Specialty said it expects to begin the IPO following completion of the SEC review process, subject to market and other conditions.

Ryan Specialty was established in 2010 by former Aon PLC CEO Patrick G. Ryan as a holding company for various specialty intermediaries, including a wholesale brokerage, managing general agencies and managing general underwriters.

It is the third-largest property/casualty wholesaler, according to Business Insurance’s most recent ranking. The company reported 2020 proforma premium volume of $13.2 billion and has more than 3,300 employees, a Ryan Specialty spokeswoman said. 69% of its business is admitted and 31% nonadmitted, according to Business Insurance’s 2020 Insurance Wholesalers Ranking & Directory.