Ryan Specialty Group Holdings Inc. reported $491.3 million in revenue for the second quarter, up 26% compared to the same period in 2021 and up 22.3% on an organic basis.
Net income increased 10.6% to $70.1 million.
Wholesale brokerage accounted for 67.2% of revenue, insurance administration 20.6% and binding authorities 12.2%, the company said.
Patrick G. Ryan, RSG’s chairman and CEO, said during the company’s RSG earnings call that the surplus and surplus market “remains robust and business flow at historically high levels.”
He said, “We believe we remain well positioned and expect favorable insurance market dynamics to persist.”
Ryan Specialty President Timothy W. Turner said the E&S market “remains business in almost all business classes,”; with the flow of business into the non-adopted markets a continued driver of growth, “more than pace.”
Mr. Gallagher also said the brokerage is actively exploring merger and acquisition activity, both tuck-ins and large acquisitions, which must be a “strong cultural fit and contribute to our returns.”