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Ryan Specialty Holdings Inc. reported a 14.9% increase in fourth-quarter revenue to $435 million, and expects a strong year in 2023, despite an uncertain economy.
The Chicago-based wholesaler and underwriting manager posted organic revenue growth of 10.3% for the quarter, compared with 15.4% in the prior-year period.
Net income increased to $45.8 million, a 54.6% increase from $29.6 million for the prior-year period.
For the year, revenues increased 20.4%, to $1.73 billion in 2022, compared with $1.43 billion in 2021. The organic growth rate was 16.4%, compared with 22.4% for 2021. Net income increased 188.3% year over year to $163.3 million, compared with $56.6 million in the prior year.
“We see continued solid growth in the business. Although there’s heightened macro uncertainty, the complexity of risks continues to increase,” said Patrick G. Ryan, RSG’s chairman and CEO.
“Looking forward, I’m confident that 2023 will be another strong year for our firm” with sustained growth and a flexible business model that allows it to quickly pivot in response to changing market conditions.
Discussing specific lines, Ryan Specialty president Tim Turner said property “continues to experience an historically hard market, as rates rose significantly and capacity tightened. We are seeing a large volume of new business flow into the nonadmitted market” and remain “very encouraged” by property’s potential.
Mr. Turner said major events such as Hurricane Ian, winter storms and other climate events, as well as a tougher reinsurance renewal process, has led to less capacity and higher rates, and an increasing demand for insurance.
Cyber performed well in the fourth quarter and for the year, and while Ryan continues to see moderation in rate increases, “we believe there’s ample runway” for the company regardless of short-term pricing trends.
Ryan’s transportation practice, particularly in trucking, continues to see a substantial flow of business, Mr. Turner said.