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Ryan Specialty
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Updated Aug 7, 2026
Ryan Specialty amends stock option settlement agreement for executive chairman stock options.
Ryan Specialty entered into an amendment to its Executive Chairman Option Settlement Agreement on August 4, 2026, extending the existing back-to-back purchase arrangement to newly granted compensatory stock options for 287,646 shares of Class A common stock. The amendment is designed to maintain net neutrality to the company's outstanding share count while supporting employee alignment. This is a routine equity compensation governance action with no material business impact.
Tone: neutralRevenue
$3.1B
RYAN 10-K · FY 2025
Employees
6,110
Revenue FY2024
$2.5B
Founded
2010
Profile
RYAN 10-K Item 1 · Feb 13, 2026Ryan Specialty is an international specialty insurance intermediary founded in 2010 that provides wholesale brokerage, binding authority, and underwriting management services to retail brokers, agents, and carriers. The company operates predominantly in the E&S market and is the second-largest U.S. P&C wholesale broker and the largest U.S. P&C managing underwriter by premium volume. It earns revenue primarily through commissions and fees and has grown through a combination of organic hiring, acquisitions, and technology investment.
Read filing description ↓ Collapse description ↑
Founded by Patrick G. Ryan in 2010, Ryan Specialty is an international specialty insurance intermediary that provides specialty products, solutions, and services for insurance brokers, agents, and carriers. We provide distribution, underwriting, product development, administration, and risk management services through our wholesale brokerage platform and, on behalf of insurance carriers, through delegated underwriting authority via our managing underwriter, binding authority, and national program operations. Our expertise spans an extensive array of property, casualty, professional lines, transportation, personal lines, workers' compensation, and employee benefits insurance. Our mission is to provide industry-leading innovative solutions for insurance brokers, agents, and carriers. For retail insurance brokers, we assist in the placement of complex or otherwise hard-to-place risks. For insurance carriers, we work with retail and wholesale insurance brokers to source, onboard, underwrite, and service these same types of risks. A significant majority of the premiums we place are bound in the E&S market, which includes Lloyd's of London, which we refer to as Lloyd's. There is often significantly more flexibility in terms, conditions, and rates in the E&S market relative to the Admitted or 'standard' insurance market. We believe that the additional freedom to craft bespoke terms and conditions in the E&S market allows us to best meet the needs of our trading partners, provide unique solutions, and drive innovation. We believe our success has been achieved by providing best-in-class intellectual capital, leveraging our trusted and long-standing relationships, and developing differentiated solutions at a scale unmatched by many of our competitors.
Primary products
- Wholesale Brokerage
- Binding Authority
- Underwriting Management
- RT Connector
- National Programs Platform
- Ryan Re Underwriting Managers
Business segments
End markets
Geographies
“We are the second-largest U.S. P&C insurance wholesale broker and the largest U.S. P&C managing underwriter based on 2024 premium volume as published in the Excess & Surplus Lines Market special report from Business Insurance.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue grew from $2.52 billion in 2024 to $3.05 billion in 2025, driven by growth across all three specialties and contributions from acquisitions completed during the year.
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