RYAN SPECIALTY HOLDINGS Business Summary

Ryan Specialty Holdings, Inc. (RYAN) is a leading international specialty insurance intermediary that generates revenue through commissions and fees by acting as a wholesale broker and managing underwriter for complex risks. The firm operates through three primary business segments: Wholesale Brokerage (RT Specialty), which contributes approximately 53% of total revenue; Underwriting Management (RSUM), accounting for 34%; and Binding Authority, representing 12%. As of early 2026, the company is executing its "Empower" program, a three-year restructuring initiative launched in Q1 2026 to optimize operational scale and automation. Ryan Specialty maintains a dominant position as one of the top three pure-play specialty intermediaries in the United States, competing directly with Amwins Group, CRC Group, and Brown & Brown’s Bridge Specialty Group. It differentiates itself through a high-growth M&A strategy and a specialized focus on the Excess and Surplus (E&S) market, where it leverages deep carrier relationships to place high-hazard and non-standard risks. The company was founded in 2010 by Executive Chairman Patrick G. Ryan, the founder and former CEO of Aon plc, who remains a central figure in the firm's strategic direction. The leadership team is led by Chief Executive Officer Timothy W. Turner, a founding member of the firm who succeeded Ryan in late 2024 after a 37-year career in specialty insurance. In late 2025, the executive suite was further strengthened by the appointment of Steve Keogh (Chief Operating Officer) and Brendan Mulshine (Chief Revenue Officer) as Co-Presidents, both of whom report to Turner and possess extensive backgrounds at Aon. Janice M. Hamilton serves as Chief Financial Officer, overseeing the firm's capital allocation and recent $300 million share repurchase program. The board of directors includes notable industry veterans such as Michael O’Halleran, reflecting a leadership pedigree characterized by deep institutional knowledge of global risk management and brokerage operations.