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Ryan Specialty Holdings Investigated for Securities Fraud After Revenue Slowdown and Stock Drop Pomerantz LLP has opened an investigation into Ryan Specialty Holdings and certain executives over potential securities fraud and unlawful business practices following its 2025 results.
The probe is tied to disclosures of slower fourth-quarter organic revenue growth, lower profit margins versus the prior year, a cautious 2026 outlook, and a stock drop of nearly 13%.
Cooper Investors highlighted Ryan Specialty as a key detractor in its first-quarter 2026 fund commentary, citing a weakening insurance pricing environment and a rapidly shifting insurance cycle, especially in property insurance.
Taken together, the legal scrutiny and tougher insurance pricing backdrop point to higher near-term uncertainty around earnings quality, growth durability, and management’s communication with the market.
Investors may want to track the progress of the Pomerantz investigation and how management addresses the changing insurance cycle, particularly its continued investment in talent and technology during a softer pricing phase. Major Estimate Revision • May 11
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$3.36b to US$3.26b. EPS estimate also fell from US$1.00 per share to US$0.831 per share. Net income forecast to grow 162% next year vs 3.0% growth forecast for Insurance industry in the US. Consensus price target down from US$48.59 to US$42.88. Share price rose 5.6% to US$31.31 over the past week. Declared Dividend • May 04
First quarter dividend of US$0.13 announced Shareholders will receive a dividend of US$0.13. Ex-date: 12th May 2026 Payment date: 26th May 2026 Dividend yield will be 1.6%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 8.7% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 185% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 02
Ryan Specialty Holdings, Inc. announces Quarterly dividend, payable on May 26, 2026 Ryan Specialty Holdings, Inc. announced Quarterly dividend of USD 0.1300 per share payable on May 26, 2026, ex-date on May 12, 2026 and record date on May 12, 2026. Reported Earnings • May 01
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: US$0.14 (up from US$0.22 loss in 1Q 2025). Revenue: US$795.2m (up 18% from 1Q 2025). Net income: US$40.6m (up US$68.2m from 1Q 2025). Profit margin: 5.1% (up from net loss in 1Q 2025). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year. Price Target Changed • Apr 10
Price target decreased by 7.3% to US$49.65 Down from US$53.53, the current price target is an average from 17 analysts. New target price is 44% above last closing price of US$34.57. Stock is down 53% over the past year. The company is forecast to post earnings per share of US$1.00 for next year compared to US$0.50 last year. Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$3.44b to US$3.39b. EPS estimate also fell from US$1.12 per share to US$1.01 per share. Net income forecast to grow 387% next year vs 3.7% growth forecast for Insurance industry in the US. Consensus price target down from US$53.53 to US$50.35. Share price rose 4.1% to US$34.89 over the past week. Duyuru • Apr 07
Ryan Specialty Holdings, Inc. to Report Q1, 2026 Results on Apr 30, 2026 Ryan Specialty Holdings, Inc. announced that they will report Q1, 2026 results After-Market on Apr 30, 2026 New Risk • Feb 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 96% Dividend yield: 1.4% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (96% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Recent Insider Transactions • Feb 25
Director recently bought US$1.0m worth of stock On the 23rd of February, Patrick Ryan bought around 26k shares on-market at roughly US$39.98 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$2.8m more in shares than they bought in the last 12 months. Major Estimate Revision • Feb 20
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from US$3.58b to US$3.46b. EPS estimate rose from US$1.02 to US$1.12. Net income forecast to grow 428% next year vs 9.7% growth forecast for Insurance industry in the US. Consensus price target down from US$64.31 to US$57.25. Share price fell 6.9% to US$41.33 over the past week. New Risk • Feb 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.1% Last year net profit margin: 3.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Declared Dividend • Feb 16
Fourth quarter dividend increased to US$0.13 Dividend of US$0.13 is 8.3% higher than last year. Ex-date: 24th February 2026 Payment date: 10th March 2026 Dividend yield will be 1.3%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is well covered by cash flows (24% cash payout ratio). The dividend has increased by an average of 8.7% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 7.1% to bring the payout ratio under control. EPS is expected to grow by 173% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Feb 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Price Target Changed • Feb 13
Price target decreased by 10.0% to US$58.25 Down from US$64.69, the current price target is an average from 16 analysts. New target price is 50% above last closing price of US$38.71. Stock is down 44% over the past year. The company is forecast to post earnings per share of US$0.83 for next year compared to US$0.50 last year. Duyuru • Feb 05
Ryan Specialty Appoints Stephen Stewart as CEO of Ryan Specialty Canada Limited Ryan Specialty announced the appointment of Stephen Stewart, President & CEO of Stewart Specialty Risk Underwriting, a Ryan Specialty managing general underwriter, to the additional role Chief Executive Officer of Ryan Specialty Canada Limited, the newly formed Canadian operating and holding entity for Ryan Specialty’s underwriting management businesses in Canada. Ryan Specialty Canada Limited is headquartered in Toronto. In Stephen Stewart’s additional role as CEO of Ryan Specialty Canada Limited, he will lead the continued growth of Ryan Specialty’s Canadian platform while maintaining the underwriting discipline and specialist focus that have defined Stewart Specialty Risk Underwriting and Ryan Specialty’s other Canadian units. The legal integration is already underway, and teams are actively engaging with new colleagues across underwriting, operations, and support functions to build a unified Canadian platform. Duyuru • Jan 13
Ryan Specialty Holdings, Inc. to Report Q4, 2025 Results on Feb 12, 2026 Ryan Specialty Holdings, Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Feb 12, 2026 Recent Insider Transactions Derivative • Dec 16
CEO & Director exercised options and sold US$6.9m worth of stock On the 12th of December, Timothy Turner exercised options to acquire 130k shares at no cost and sold these for an average price of US$53.61 per share. This trade did not impact their existing holding. For the year to December 2020, Timothy's total compensation was 20% salary and 80% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Timothy's direct individual holding has increased from 8.10k shares to 12.55k. Company insiders have collectively sold US$46m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Nov 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.1% Last year net profit margin: 4.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). Major Estimate Revision • Nov 06
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from US$0.69 to US$0.766. Revenue forecast steady at US$3.08b. Net income forecast to grow 319% next year vs 9.9% growth forecast for Insurance industry in the US. Consensus price target down from US$72.00 to US$68.31. Share price rose 12% to US$56.94 over the past week. Declared Dividend • Nov 03
Third quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 10th November 2025 Payment date: 25th November 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 4.4% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 148% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2025 results: EPS: US$0.49 (up from US$0.15 in 3Q 2024). Revenue: US$754.6m (up 28% from 3Q 2024). Net income: US$62.6m (up 249% from 3Q 2024). Profit margin: 8.3% (up from 3.1% in 3Q 2024). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Oct 09
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from US$0.622 to US$0.693. Revenue forecast steady at US$3.07b. Net income forecast to grow 543% next year vs 13% growth forecast for Insurance industry in the US. Consensus price target broadly unchanged at US$71.85. Share price was steady at US$55.63 over the past week. Duyuru • Oct 09
Ryan Specialty Holdings, Inc. Announces Executive Changes On October 8, 2025, the Board of Directors of Ryan Specialty Holdings, Inc. (the Company" or Ryan Specialty") appointed Stephen P. Keogh as Co-President and Chief Operating Officer and Brendan M. Mulshine as Co-President and Chief Revenue Officer of the Company to succeed Jeremiah Bickham as President, effective October 9, 2025. Stephen P. Keogh, age 59, has served as the Company's Chief Operating Officer since May 2025. Previously, Mr. Keogh was the Senior Advisor to the Office of President, Aon plc, a position he held from October 2021 until his retirement in September 2022. Prior to that, commencing June 2019, Mr. Keogh was President of Aon plc's Commercial Risk Solutions, the global risk management business of Aon. Mr. Keogh holds in excess of thirty-two years of experience at Aon, where he held positions in operations, finance and accounting, technology, human resources and executive management. Mr. Keogh earned a Bachelor's degree from the University of Illinois. Brendan M. Mulshine, age 59, has served as the Company's Executive Vice President and Chief Revenue Officer since 2020 and previously served as the Company's Executive Vice President and Managing Director from 2012 through 2020. From 1995 to 2012, Mr. Mulshine held various leadership positions at Aon Re, working with domestic and global insurance company clients on their reinsurance capital needs. Mr. Mulshine began his career practicing law in New York City. He earned a Bachelor of Arts from Yale College, a Juris Doctor from the University of Notre Dame School of Law, and a Master of Business Administration from Northwestern University's Kellogg School of Management. Changes to Messrs. On October 2, 2025, the Company and Mr. Jeremiah Bickham agreed that, effective October 8, 2025, Mr. Bickham would be transitioning from his role as President to serve as a non-employee strategic advisor to the Company through January 1, 2026. Duyuru • Oct 03
Ryan Specialty Holdings, Inc. to Report Q3, 2025 Results on Oct 30, 2025 Ryan Specialty Holdings, Inc. announced that they will report Q3, 2025 results After-Market on Oct 30, 2025 Duyuru • Sep 10
Ryan Specialty Holdings, Inc. Appoints Michael G. Bungert to Its Board of Directors and Serves as A Member of Its Compensation and Governance Committee, Effective September 3, 2025 Ryan Specialty Holdings, Inc. on September 3, 2025 elected Michael G. Bungert as a director and assigned him to its Compensation and Governance Committee, effective September 9, 2025. Mr. Bungert's initial term as a director will expire at the 2026 annual meeting of the Company's stockholders, at which time his continued Board service will be subject to renomination and stockholder approval. There are no transactions in which Mr. Bungert has or will have an interest that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Exchange Act, at this time. The selection of Mr. Bungert was not pursuant to any arrangement or understanding between him and any other person. Mr. Bungert will participate in the Company's standard non-employee director compensation arrangements. Mr. Bungert will receive a grant of restricted stock units (RSUs) with a grant date fair value equal to $200,000 (prorated for the portion of the year for which he served as a director) that fully vest on the grant date and each RSU represents a right to receive one fully vested share of the Company's Class A common stock. The Company will make the annual equity grant of RSUs on the date of the Company's next annual meeting of stockholders and such grant will be compensation for the prior year of service, or portion thereof. Additionally, Mr. Bungert will be entitled to receive a cash payment in the amount of $120,000 per year, paid quarterly, in respect of his service as a member of the Board, with no additional cash compensation paid on account of his service on the Compensation and Governance Committee. Mr. Bungert has had a long and illustrious reinsurance career, most recently as Chairman of Aon Re Global from which he retired in 2024 after 11 years in that position. Prior to being Chairman, Mr. Bungert was CEO of Aon Re, a position he assumed in 1998. Mr. Bungert started his career in reinsurance in 1977 as an underwriter trainee at Continental Casualty Company. He then joined CNA Re in 1979 as a London-based North American underwriter. In 1984, Mr. Bungert joined reinsurance intermediary Thomas A. Greene Inc. Intermediaries in Chicago and subsequently joined Aon Re in 1989. Major Estimate Revision • Aug 07
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$0.853 to US$0.733 per share. Revenue forecast steady at US$3.08b. Net income forecast to grow 571% next year vs 11% growth forecast for Insurance industry in the US. Consensus price target down from US$78.00 to US$75.60. Share price fell 2.7% to US$59.55 over the past week. Declared Dividend • Aug 04
Second quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 12th August 2025 Payment date: 26th August 2025 Dividend yield will be 0.8%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (233% earnings payout ratio). However, it is well covered by cash flows (25% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 159% to bring the payout ratio under control. EPS is expected to grow by 418% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 01
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: US$0.41 (up from US$0.38 in 2Q 2024). Revenue: US$855.2m (up 26% from 2Q 2024). Net income: US$124.7m (up 176% from 2Q 2024). Profit margin: 15% (up from 6.6% in 2Q 2024). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 18
Ryan Specialty Holdings, Inc. Announces Board and Committee Changes Ryan Specialty Holdings, Inc. shared the sad news of the loss of Director, D. Cameron (“Cam”) Findlay, who unexpectedly passed away earlier this month. Mr. Findlay served on the Ryan Specialty Board, including its pre-IPO predecessor, since 2012, and was most recently the chairperson of the Compensation and Governance Committee, a member of the Executive Committee, and the Board’s Lead Director. From 2013 until his retirement in 2023, Mr. Findlay was the Senior Vice President, General Counsel, and Secretary of Archer Daniels Midland Company. From 2009 to 2013, he was Senior Vice President and General Counsel of Medtronic, Inc., and from 2003 to 2009 he served as Executive Vice President and General Counsel of Aon Corporation. In addition to his time as a lawyer and businessperson, Mr. Findlay had a distinguished career in government service, including at the White House as deputy assistant to President George H.W. Bush, at the U.S. Department of Labor as the deputy secretary of labor, at the U.S. Supreme Court as a law clerk for Justice Antonin Scalia, and at the U.S. Court of Appeals for the D.C. Circuit as a law clerk for Judge Stephen F. Williams. He earned his B.A. from Northwestern University, his Master of Arts (Oxon.) from Oxford University, and his Juris Doctor from Harvard Law School. On July 16, 2025, the Board appointed John W. Rogers, Jr. as Lead Director and Henry S. Bienen as Chairperson of the Compensation and Governance Committee. Duyuru • Jul 15
Ryan Specialty Holdings, Inc. to Report Q2, 2025 Results on Jul 31, 2025 Ryan Specialty Holdings, Inc. announced that they will report Q2, 2025 results After-Market on Jul 31, 2025 Duyuru • Jul 02
Ryan Specialty Holdings, Inc. (NYSE:RYAN) completed the acquisition of JM Wilson Corporation. Ryan Specialty Holdings, Inc. (NYSE:RYAN) signed a definitive agreement to acquire JM Wilson Corporation on June 5, 2025. JM Wilson is based in Michigan and its operations will become a part of RT Binding Authority, the binding authority specialty of Ryan Specialty.JM Wilson generated approximately $19 million of operating revenue for the 12 months ended January 31, 2025. The transaction is expected to close in the third quarter of 2025. Philo Smith & Co. acted as financial advisor for JM Wilson Corporation.
Ryan Specialty Holdings, Inc. (NYSE:RYAN) completed the acquisition of JM Wilson Corporation on July 1, 2025. Recent Insider Transactions • May 20
President recently sold US$3.5m worth of stock On the 16th of May, Jeremiah Bickham sold around 50k shares on-market at roughly US$70.09 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jeremiah's only on-market trade for the last 12 months. Major Estimate Revision • May 09
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$1.12 to US$0.858 per share. Revenue forecast steady at US$3.08b. Net income forecast to grow 524% next year vs 12% growth forecast for Insurance industry in the US. Consensus price target of US$75.90 unchanged from last update. Share price rose 8.2% to US$70.13 over the past week. Declared Dividend • May 05
First quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 13th May 2025 Payment date: 27th May 2025 Dividend yield will be 0.7%, which is lower than the industry average of 1.9%. Payout Ratios Payout ratio: 108%. Cash payout ratio: 29%. New Risk • May 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.9% Last year net profit margin: 3.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • May 02
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: US$0.22 loss per share (down from US$0.14 profit in 1Q 2024). Revenue: US$690.2m (up 28% from 1Q 2024). Net loss: US$4.39m (down 127% from profit in 1Q 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 07
Ryan Specialty Holdings, Inc., Annual General Meeting, May 30, 2025 Ryan Specialty Holdings, Inc., Annual General Meeting, May 30, 2025. Duyuru • Apr 04
Ryan Specialty Holdings, Inc. to Report Q1, 2025 Results on May 01, 2025 Ryan Specialty Holdings, Inc. announced that they will report Q1, 2025 results After-Market on May 01, 2025 Duyuru • Mar 28
Ryan Specialty Holdings, Inc. Appoints Stephen P. Keogh as Chief Operating Officer, Effective May 1, 2025 On March 27, 2025, Ryan Specialty Holdings, Inc. announced the appointment of Mr. Stephen P. Keogh to the position of Chief Operating Officer of the Company, effective May 1, 2025. Stephen P. Keogh, age 58, was most recently Senior Advisor to the Office of President, Aon plc, a position he held from October 2021 until his retirement in September 2022. Prior to that, commencing June 2019, Mr. Keogh was President of Aon plc's Commercial Risk Solutions, the global risk management business of Aon. Mr. Keogh brings in excess of thirty- two years of experience at Aon, where he held positions in operations, finance and accounting, technology, human resources and executive management. Mr. Keogh is a member of the Board of Trustees of the Illinois Institute of Chicago and earned a Bachelor’s degree from the University of Illinois. Recent Insider Transactions Derivative • Mar 18
Executive VP & Chief Revenue Officer exercised options and sold US$2.1m worth of stock On the 14th of March, Brendan Mulshine exercised options to acquire 30k shares at no cost and sold these for an average price of US$69.30 per share. This trade did not impact their existing holding. Since June 2024, Brendan's direct individual holding has decreased from 76.50k shares to 75.82k. Company insiders have collectively sold US$179m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$3.02b to US$3.05b. EPS estimate fell from US$1.44 to US$1.27 per share. Net income forecast to grow 212% next year vs 9.4% growth forecast for Insurance industry in the US. Consensus price target broadly unchanged at US$75.60. Share price rose 2.1% to US$70.03 over the past week. Declared Dividend • Feb 25
Fourth quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 4th March 2025 Payment date: 18th March 2025 Dividend yield will be 0.7%, which is lower than the industry average of 1.9%. Payout Ratios Payout ratio: 56%. Cash payout ratio: 27%. New Risk • Feb 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (US$34m sold). Duyuru • Feb 04
Ryan Specialty Holdings, Inc. (NYSE:RYAN) completed the acquisition of Velocity Risk Underwriters, LLC from Oaktree Capital Management, L.P. and others. Ryan Specialty Holdings, Inc. (NYSE:RYAN) signed a definitive agreement to acquire Velocity Risk Underwriters, LLC from Oaktree Capital Management, L.P. and others for approximately $530 million on January 7, 2025. The upfront cash consideration is exclusive of VSIC and any earnout consideration. Velocity generated approximately $81 million of operating revenue for the 12 months ended December 31, 2024. The acquisition of Velocity is expected to close in early 2025.
Andrew Jamieson of Debevoise & Plimpton LLP acted as legal advisor to Oaktree and Velocity Risk. Howden Tiger Capital Markets & Advisory, LLC acted as financial advisor to Oaktree and Velocity Risk. Insurance Advisory Partners LLC acted as financial advisor to Oaktree and Velocity Risk. Sidley Austin LLP acted as legal advisor to Ryan Specialty. J.P. Morgan Securities LLC acted as financial advisor to Ryan Specialty.
Ryan Specialty Holdings, Inc. (NYSE:RYAN) completed the acquisition of Velocity Risk Underwriters, LLC from Oaktree Capital Management, L.P. and others on February 3, 2025. Recent Insider Transactions • Jan 16
Director recently sold US$6.5m worth of stock On the 15th of January, Nicholas Cortezi sold around 99k shares on-market at roughly US$65.50 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$7.0m. Insiders have been net sellers, collectively disposing of US$25m more than they bought in the last 12 months. Duyuru • Jan 10
Ryan Specialty Holdings, Inc. to Report Q4, 2024 Results on Feb 20, 2025 Ryan Specialty Holdings, Inc. announced that they will report Q4, 2024 results After-Market on Feb 20, 2025 Duyuru • Jan 09
Ryan Specialty Holdings, Inc. (NYSE:RYAN) signed a definitive agreement to acquire Velocity Risk Underwriters, LLC from Velocity Holdco, LLC for approximately $530 million. Ryan Specialty Holdings, Inc. (NYSE:RYAN) signed a definitive agreement to acquire Velocity Risk Underwriters, LLC from Oaktree Capital Management, L.P. and others for approximately $530 million on January 7, 2025. The upfront cash consideration is exclusive of VSIC and any earnout consideration. Velocity generated approximately $81 million of operating revenue for the 12 months ended December 31, 2024. The acquisition of Velocity is expected to close in early 2025.
Andrew Jamieson of Debevoise & Plimpton LLP acted as legal advisor to Oaktree and Velocity Risk. Howden Tiger Capital Markets & Advisory, LLC acted as financial advisor to Oaktree and Velocity Risk. Insurance Advisory Partners LLC acted as financial advisor to Oaktree and Velocity Risk. Sidley Austin LLP acted as legal advisor to Ryan Specialty. J.P. Morgan Securities LLC acted as financial advisor to Ryan Specialty. Recent Insider Transactions • Dec 18
Director recently sold US$7.0m worth of stock On the 17th of December, Nicholas Cortezi sold around 105k shares on-market at roughly US$66.54 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$18m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Nov 14
Executive VP exercised options and sold US$1.1m worth of stock On the 8th of November, Mark Katz exercised options to acquire 15k shares at no cost and sold these for an average price of US$71.39 per share. This trade did not impact their existing holding. Since March 2024, Mark's direct individual holding has increased from 13.26k shares to 14.14k. Company insiders have collectively sold US$144m more than they bought, via options and on-market transactions in the last 12 months. Duyuru • Nov 05
Ryan Specialty Holdings, Inc. acquired Innovisk Capital Partners LLP from BHMS Investments, LP and ABRY Partners, LLC. Ryan Specialty Holdings, Inc. announced the acquisition of Innovisk Capital Partners LLP from BHMS Investments, LP and ABRY Partners, LLC on October 30, 2024. The acquisition is expected to close early next month.
Ardea Partners International Llp acted as financial advisor to Innovisk Capital Partners LLP. Kirkland & Ellis LLP and Hill Dickinson LLP acted as legal advisor to Innovisk Capital Partners LLP, BHMS Investments, LP and ABRY Partners, LLC.
Ryan Specialty Holdings, Inc. completed the acquisition of Innovisk Capital Partners LLP from BHMS Investments, LP and ABRY Partners, LLC on November 4, 2024. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: US$0.15 (up from US$0.044 loss in 3Q 2023). Revenue: US$588.1m (up 21% from 3Q 2023). Net income: US$28.6m (up US$33.8m from 3Q 2023). Profit margin: 4.9% (up from net loss in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Duyuru • Sep 17
Ryan Specialty Holdings, Inc. (NYSE:RYAN) completed the acquisition of Property and Casualty MGUs of Ethos Specialty Insurance, LLC from Ethos Specialty Insurance Services LLC. Ryan Specialty Holdings, Inc. (NYSE:RYAN) agreed to acquire Property and Casualty MGUs of Ethos Specialty Insurance, LLC from Ethos Specialty Insurance Services LLC on September 3, 2024. Ethos P&C generated approximately $11 million of operating revenue for the 12 months ended June 30, 2024. The acquisition is expected to close during September 2024. Evercore served as exclusive financial advisor to Ascot.
Ryan Specialty Holdings, Inc. (NYSE:RYAN) completed the acquisition of Property and Casualty MGUs of Ethos Specialty Insurance, LLC from Ethos Specialty Insurance Services LLC on September 16, 2024. Recent Insider Transactions • Sep 02
Director recently sold US$1.5m worth of stock On the 29th of August, Nicholas Cortezi sold around 24k shares on-market at roughly US$64.59 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$6.8m. Insiders have been net sellers, collectively disposing of US$10m more than they bought in the last 12 months. Recent Insider Transactions • Aug 21
Director recently sold US$1.1m worth of stock On the 19th of August, Nicholas Cortezi sold around 17k shares on-market at roughly US$64.69 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.6m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Aug 12
President & Director exercised options and sold US$125m worth of stock On the 9th of August, Timothy Turner exercised options to acquire 2m shares at no cost and sold these for an average price of US$62.45 per share. This trade did not impact their existing holding. Since March 2024, Timothy's direct individual holding has increased from 11.04k shares to 15.07k. Company insiders have collectively sold US$132m more than they bought, via options and on-market transactions in the last 12 months. 
