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Ryan Specialty reports 20% organic growth in first quarter


Ryan Specialty Group Holdings Inc. reported $386.9 million in revenue for the first quarter, up 24.2% compared with the same period last year and up 20.1% on an organic basis.

The strong organic growth, which excludes the effect of acquisitions and foreign currency fluctuations, was driven by new business and increased flow of premium into the excess and surplus lines market amid a continued firming market, the company’s top executives said.

“Broadly speaking, rates remain resilient in the majority of our lines of business. Where rate increases have moderated, they are more than offset by the continued expansion of the E&S market,” said Patrick G. Ryan, chairman and CEO of RSG.

Wholesale brokerage accounted for 63.3% of the revenue, underwriting management 20.4% and binding authorities 16.3%.

On the wholesale side, the E&S market continues to see record submissions in property catastrophe business, and construction, professional liability, health care and cyber lines also showed strong growth, said Timothy W. Turner, president of Ryan Specialty.

Through a previously announced agreement with Nationwide, Ryan has established two additional managing general underwriter facilities -- AXSAL Re, which offers captive-based auto liability coverage, and Emerald Underwriting Managers, which will offer general and excess liability coverage on Nationwide paper, he said.

The specialty brokerage reported net income of $18.1 million compared with a $3.8 million loss in the same period last year.