Ryan Specialty reports 18.8% revenue growth for Q2’24 to $695.4m

International specialty insurance firm, Ryan Specialty Holdings, Inc. has reported a Q2 2024 total revenue growth of 18.8% year-over-year to $695.4 million compared to last year’s $585.1 million.

According to Ryan Specialty, this increase was primarily due to continued solid organic revenue growth of 14.2%, driven by new client wins, expanded relationships with existing clients, and continued expansion of the E&S market.

The firm’s net income for Q2 2024 increased by 40.8% to $118 million from the comparative quarter’s $83.8 million attributed to stronger revenue growth this quarter.

Adjusted net income for this quarter increased by 29.8% to $160.6 million, compared to $123.7 million in the prior-year period, driving the margin to 23.1%, compared to 21.1% in Q2 2023.

The firm’s adjusted EBITDAC grew 27.6% year over year to $247.7 million in Q2 2024 from $194.2 million, the adjusted EBITDAC margin was 35.6%, compared to 33.2% in the prior-year period driven by revenue growth, partially offset by increased adjusted compensation and benefits expense, as well as higher adjusted general and administrative expense.

Lastly, Ryan Specialty’s adjusted diluted earnings per share for Q2 2024 increased by 28.9% to $0.58, compared to $0.45 in the prior-year period.

The total operating expenses for this quarter were $531.1 million, a 14.9% increase compared to the prior-year period.

Patrick G. Ryan, Founder, Chairman and Chief Executive Officer of Ryan Specialty, commented: “We delivered another fantastic quarter for our shareholders, once again driven by broad-based double-digit organic growth as well as significant margin expansion. We generated 14.2% organic revenue growth and expanded Adjusted EBITDAC margin by 240 basis points year-over-year while growing Adjusted EPS by nearly 30%. Our consistent excellent performance is a testament to the relentless efforts of our entire team to execute for our clients and trading partners.

“We are also very excited about today’s announcement to acquire US Assure, a leading program focused exclusively on the SME segment of builder’s risk insurance. This transaction meets all our M&A criteria – a strong cultural fit, strategic, and accretive – and aligns with our mission of providing innovative industry-leading solutions for insurance brokers, agents, and carriers. With clear positive momentum underway and a deep roster of proven leaders, I am further energized about our recently announced succession plan.”

“As we look toward the remainder of 2024 and beyond, I remain incredibly optimistic about the long-term future of Ryan Specialty as Tim Turner takes the helm as CEO in October. We continue to be well positioned to deliver sustainable and differentiated profitable growth,” Ryan concluded.

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