Ryan Specialty Holdings Inc. reported a 21.8% increase in third-quarter revenues to $412 million on Thursday.
The Chicago-based wholesaler and underwriting manager reported a 14.7% organic revenue growth rate for the quarter, compared with 13.7% in the prior-year period.
Net income decreased 46.4% to $15.7 million, compared with $29.3 million in the prior-year period. Ryan said this was because the company reported $20.7 million of deferred income tax expense after its acquisition of Socius Insurance Services Inc.
“The excess and surplus lines marketplace remains robust” and “we expect this trend to support our growth for the foreseeable future,” said Patrick G. Ryan, Ryan Specialty’s chairman and CEO, during the company’s quarterly analysts call.
Growth from the first half of the year through the third quarter moved seamlessly forward as business continued to move from the admitted market, Ryan Specialty President Tim Turner said.
“Clearly cat property has been the leading driver, but right behind it is long-term casualty business and high-hazard casualty business,” Mr. Turner said.
He cited also transportation, including long haul trucking, delivery and small commercial fleets, habitational and large venue risks.
