Ryan Specialty Organic Growth Slows to 4% in a Tougher Insurance Market

Ryan Specialty's organic revenue growth slowed to 4.0% in the third quarter from 15.0% a year earlier, as the specialty insurance firm worked through what its chief executive called one of the most challenging markets it has ever seen, according to the earnings release it filed with an 8-K on Thursday after the market close.

Total revenue rose 4.7% to $790.0 million from $754.6 million. The company kept its forecast for mid-single-digit organic revenue growth in 2026 and updated its profit-margin outlook, now guiding to an adjusted EBITDAC margin that is down modestly from the prior year.

Net income jumps

Net income climbed 40.6% to $88.0 million from $62.6 million, which the company attributed primarily to solid revenue growth and relatively flat operating expenses, partially offset by higher income tax expense. Diluted earnings per share rose to 29 cents from 20 cents.

Adjusted diluted earnings per share increased 8.5% to 51 cents from 47 cents. Adjusted EBITDAC, a measure of earnings before interest, taxes, depreciation, amortization and changes in contingent consideration, grew 3.8% to $244.4 million. The adjusted EBITDAC margin narrowed to 30.9% from 31.2%.

Total operating expenses edged up 0.8% to $649.1 million. Compensation and benefits rose 9.9% to $484.2 million, while general and administrative expense fell 9.0% to $107.0 million on lower acquisition-related expenses.

A tougher market

"We are proud of our third quarter performance, in light of an increasingly challenging market and against our toughest year over year comparison," founder and executive chairman Patrick G. Ryan said in the release.

The company said it grew across most of its casualty lines, offset by a moderate decline in its property portfolio. "We remain focused on controlling what we can control," CEO Timothy W. Turner said.

Specialty results

Net commissions and fees in wholesale brokerage, the largest specialty, rose 4.6% to $394.3 million. Underwriting management grew 5.4% to $287.8 million, and binding authority increased 3.8% to $93.0 million.

Buybacks and dividend

Ryan Specialty returned about $173.7 million to shareholders in the quarter, including $150.0 million of Class A share repurchases covering 3.5 million shares and $23.7 million of dividends and distributions. It had $150.0 million left under its buyback authorization as of Sept. 30.

The board on Thursday declared a quarterly dividend of 13 cents a Class A share, payable Nov. 24 to holders of record as of Nov. 10.

The company ended the quarter with $168.8 million in cash and cash equivalents and $3.7 billion of outstanding debt principal. For the first nine months, total revenue rose 8.8% to $2.50 billion and net income increased 29.6% to $237.0 million.

Ryan Specialty scheduled a conference call for 4:45 p.m. ET Thursday.

Sources

1. Ryan Specialty Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001849253-26-000045)

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