Ryan Specialty (RYAN)
Distributes and underwrites specialty insurance through broker and carrier platforms.
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Distributes and underwrites specialty insurance for brokers, agents, and carriers through wholesale brokerage, binding authority, and underwriting management. It operates internationally under delegated authority from carriers and ordinarily does not retain underwriting risk.
Connects brokers, agents, and carriers in specialty insurance through Wholesale Brokerage, RT Binding Authority, and Underwriting Management. The platform distributes and underwrites coverage across property, casualty, professional lines, transportation, personal lines, workers’ compensation, and employee benefits.
Provides product development, administration, and risk-management services alongside distribution and underwriting. Its international platform combines organic expansion with bolt-on acquisitions.
Rather than ordinarily retaining underwriting risk, it operates under delegated authority from carriers through managing-underwriter, binding-authority, and national-program operations. Those delegated relationships shape how coverage is distributed and underwritten across its specialty platform for brokers and agents.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 16, 2026 | Mizuho Securities | Target | Target: $48 | Target: $43 |
| Aug 19, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $42 | Target: $50 |
| Aug 3, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $34 | Target: $41 |
| Aug 3, 2026 | UBS | Reiterate | Rating: —Target: $39 | Target: $55 |
| Jul 31, 2026 | Mizuho Securities | Target | Target: $39 | Target: $48 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $140.1M · Total debt $3.81B · Total assets $11.97B · Shareholders' equity $509.4M
- Revenue
- $916.6M
- Operating income
- $215.4M
- Net income
- $108.4M
HistoryDividendAnnual yield
| Institutions | 46.01% | 117.70M shares | |
|---|---|---|---|
| 377 holders · as of Jun 30, 2026 | |||
| Insiders | 50.05% | 128.04M shares | |
| 13 holders · as of Aug 18, 2026 | |||
| Other | 3.94% | 10.07M shares | |
| remainder | |||
255.81M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (255.81M in the company's Sep 23, 2026 report, 129.47M elsewhere); stakes use the report.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Patrick G. Ryan1Insiderdirector, 10 percent owner, officer: Executive Chairman | 49.81% | 13.82M A · 45.72M B | filed May 8, 2025 |
BlackRock, Inc.Institution | 4.10% | 10.49M A | as of Jun 30, 2026 |
Vulcan Value Partners, LLCInstitution | 3.09% | 7.91M A | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 2.59% | 6.63M A | as of Jun 30, 2026 |
Orbis Allan Gray LtdInstitution | 2.47% | 6.31M A | as of Jun 30, 2026 |
- The filed share classes (A, B, COMMON) could not be matched to the company's, so no percentage.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | Brendan Martin Mulshine | officer: Co-President and CRO | −40,000 | $40.51 |
| Aug 13, 2026 | Michael Conklin | officer: EVP & CHRO | −2,043 | $42.26 |
| Jun 11, 2026 | Anthony J. Kuczinski | director | +2,500 | $34.83 |
| Jun 12, 2026 | Anthony J. Kuczinski | director | +500 | $35.77 |
| Jun 10, 2026 | John W. Jr Rogers | director | +7,500 | $35.16 |
- Arthur J. Gallagher
Wholesale, MGA and underwriting-management platform for complex risks
- Brown & Brown
Specialty Distribution platform spanning wholesale, binding and underwriting
- Marsh McLennan
Underwriting-management and selective wholesale platform for specialty programs
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ryan Specialty | $38.18 | −0.68% | $4.98B | 49.4 | 16.8 | 1.5 | +7.2% |
| Arthur J. Gallagher | $228.73 | −0.75% | $59.20B | 38.2 | 16.2 | 3.8 | +22.8% |
| Brown & Brown | $61.95 | −0.78% | $20.89B | 18.5 | 13.4 | 3.0 | +34.2% |
| Marsh McLennan | $170.28 | +0.16% | $81.13B | 20.8 | 15.5 | 2.9 | +6.2% |
| Median | 20.8 | 15.5 | 3.0 | +22.8% |