RYAN Filings — Ryan Specialty Holdings, Inc. - FilingSpy
RYAN
Ryan Specialty Holdings, Inc.
A specialty insurance middleman that helps brokers place hard-to-find coverage for complex, high-risk situations in the Excess & Surplus market. Its brands include RT Specialty and Ryan Specialty Underwriting Managers, serving thousands of retail brokers. Founder Patrick Ryan launched the firm in 2010 after stepping away from Aon, the global brokerage he'd built and led for decades — a kind of second act in his hometown of Chicago.
Organic revenue growth slowed to 6.7% in Q2 2026, its lowest rate in over four years, as $33.4M in new restructuring costs cut net income.
fell to its lowest rate in over four years. rose 7.2% to $916.6 million, but dropped 13.1% to $108.4 million as the new Empower Program restructuring incurred $33.4 million in costs. The company is now spending to save, with a $600 million signaling confidence in the long term.
Key takeaways
in net commissions and fees decelerated to 6.7%, down from 14.2% a year ago and 11.8% in Q1 2026, as the E&S pricing cycle continued to mature.
Total rose 7.2% to $916.6 million, with the Underwriting Management Specialty leading the increase at 12.8% growth.
fell 13.1% to $108.4 million, entirely due to $33.4 million in restructuring and related costs from the newly initiated Empower Program.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue grew 7.2% to $916.6M driven by organic growth, while net income fell 13.1% to $108.4M due to $33.4M in Empower Program restructuring costs.
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Total increased 7.2% to $916.6 million, with of 6.7% in net commissions and fees, led by a 12.8% increase in the Underwriting Management Specialty.
Compensation and benefits expense rose 9.6% to $531.6 million, driven by a 479-person increase in headcount to 6,171 employees and $11.6 million in Empower Program severance costs.
The company repurchased $300.2 million of Class A common stock and increased its authorization by $300 million to a total of $600 million.
The Empower Program, a three-year restructuring plan, is expected to incur $160 million in cumulative charges through 2028 and generate $80 million in annual savings by 2029.
What changed
decelerated further to 6.7%, below the 7.1% rate flagged as a potential trough in Q2 2025, confirming the E&S pricing cycle's continued maturation.
The $60 million in annual ACCELERATE 2025 savings was expected to flow through to , but the new $33.4 million in Empower Program costs drove a 2.7-point contraction in to 19.7%.
The $1.0 billion interest rate cap expired on December 31, 2025, as flagged, and the company now carries the full on its $1.67 billion Term Loan, partially offset by $1.62 billion in .
The company deployed $300.2 million on share repurchases, a new use of capital, while cash remained low at $140.1 million and rose to $3.57 billion, addressing prior concerns about M&A funding capacity.
What to watch
Whether stabilizes near the 6.7% level or decelerates further as the E&S pricing cycle matures, and whether the Q3 2025 rebound to 15.0% remains an isolated event.
The pace and cost of the Empower Program, and whether the $33.4 million in Q2 2026 charges represent a typical quarterly run-rate toward the $160 million cumulative estimate.
How the company manages its interest rate exposure now that the $1.0 billion cap has expired, and whether it enters a new hedge or absorbs the full on the $1.67 billion Term Loan.
How the company funds further M&A with cash at $140.1 million and at $3.57 billion, and whether it draws on the $1.4 billion or issues additional debt.
decreased 13.1% to $108.4 million, primarily due to $33.4 million in restructuring and related costs from the newly initiated Empower Program.
Compensation and benefits expense rose 9.6% to $531.6 million, driven by a 479-person increase in headcount to 6,171 employees and $11.6 million in Empower Program severance and termination costs.
General and administrative expense increased 10.8% to $118.6 million, largely due to $21.8 million in Empower Program costs for professional services, technology initiatives, and software .
The company repurchased $300.2 million of Class A common stock and increased its authorization by $300 million to a total of $600 million.
The Empower Program, a three-year restructuring plan, is expected to incur $160 million in cumulative charges through 2028 and generate $80 million in annual savings by 2029.
Quantitative and Qualitative Disclosures About Market Risk
Foreign currency risk is immaterial; primary exposure is floating-rate interest on $1.67B Term Loan, partially offset by fiduciary cash.
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Foreign currency risk from ~7% of revenues outside the US is deemed immaterial.
The $1.67B Term Loan carries a floating rate tied to Adjusted Term with a 0.0% floor.
A hypothetical 100 rate increase would raise annual net by $15.3M, while a decrease would lower it by the same amount.
Fiduciary cash of $1.62B generates investment income that would rise or fall by $16.2M given a 100 rate shift.
The combined net impact of a 100 parallel shift on is approximately $0.9M.
Counterparty credit risk on cash and fiduciary cash is managed through an investment policy requiring principal preservation, diversification, and high credit quality (e.g., AAA money market funds, T-bills).
From time to time, we may be involved in various legal proceedings and subject to claims that arise in the ordinary course of business. Although the results of litigation and claims are inherently unpredictable and uncertain, we are not presently a party to any litigation the ou…
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From time to time, we may be involved in various legal proceedings and subject to claims that arise in the ordinary course
of business. Although the results of litigation and claims are inherently unpredictable and uncertain, we are not presently a
party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken
together have a material adverse effect on our business, operating results, cash flows or financial condition.
There have been no material changes to the risk factors disclosed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 13, 2026.
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There have been no material changes to the risk factors disclosed under the heading “Risk Factors” in our annual report on
Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 13, 2026.