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Home / Insurance / Ryan Specialty's third quarter revenue increased by almost 50%

Ryan Specialty's third quarter revenue increased by almost 50%



Ryan Specialty Group Holdings Inc. reported a 49% increase in third quarter revenue to $ 352.8 million, driven by strong organic growth and the acquisition of All Risks Ltd.

The Chicago-based wholesaler and Head of Insurance reported 28 .9% organic revenue increase over the same period last year, excluding the effects of acquisitions, foreign exchange and other adjustments.

The company reported a net loss of $ 32.6 million, due to costs related to its IPO in July and costs related to the All Risks acquisition, which was completed in September 2020.

Ryan Specialty's net commissions and wholesale brokerage fees increased by 48.3% to $ 229.1 million; binding net commissions and fees increased by 46.1

% to $ 52.8 million; and the insurance administration's net commissions and fees increased by 53.4% ​​to $ 70.7 million, according to the company's income statement.

"Pricing in the E&S market remains stable and resilient," said Patrick G. Ryan, Chairman and CEO of Ryan Specialty , during a conference call with analysts after markets closed on Thursday.

While interest rate hikes slow down the number of victims, prices are rising sharply in other parts of the market, such as cybercrime, added Timothy W. Turner, CEO of the company.

Ryan Specialty will continue to make acquisitions, and its potential business pipeline is "robust," Ryan said.

"We will remain very active but disciplined with respect to M&A," he said. The company expects organic growth of between 21.5% and 22.5% for the full year, the statement said. The organic growth rate for the fourth quarter will be affected by an increase in growth during the fourth quarter of 2020 after easing pandemic-related restrictions, says Jeremiah R. Bickham, Ryan Specialty's CFO.


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