Ryan Specialty Q1 revenue climbs 18.3%
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Ryan Specialty Group Holdings Inc. reported $457.6 million in revenue for the first quarter on Thursday, up 18.3% from the year-ago quarter, which was a 12.9% increase on an organic basis.
Wholesale brokerage accounted for 63.9% of the total, underwriting management 20.6% and binding authorities 15.5%, the company said.
Patrick G. Ryan, RSG’s chairman and CEO, said during the company’s quarterly analysts’ call, “Altogether, I’m very pleased with our performance especially in the context of a volatile macroeconomic environment.
“Despite headlines in the banking sector, persistent inflation and heightened macroeconomic uncertainty, we believe our firm will continue to perform well through this economic cycle.”
Mr. Ryan said RSG “is well-positioned to capture the broader E&S tailwinds” and capitalize on “specific areas of accelerated growth.”
Ryan Specialty President Timothy W. Turner said, “Ongoing industry trends such as social inflation, climate change and older mass tort claims, combined with economic inflation, are driving more risk into the E&S marketplace.”
He said recent events in banking have had “only a modest impact” on directors and officers liability insurance in the sector, and there are no signs the market is materially hardening.
“However, there remains some uncertainty about further banking failures, and we are closely monitoring the market as the risks evolve.”
