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Ryan Specialty Holdings’ $80 Million Reset: Can Empower Protect Margins?

Ryan Specialty Holdings reported first quarter 2026 results showing continued growth amid challenging and evolving market conditions. Total revenue increased 15% year-over-year to $795 million, driven by 11.8% organic growth complemented by contributions from recent mergers and acquisitions. Adjusted EBITDAC rose by 15.7% to $232 million, while adjusted EBITDAC margin expanded slightly by 10 basis points to 29.2%. Adjusted earnings per share improved by 20% to $0.47. The company also repurchased $40 million of its shares during the quarter. Ryan Specialty’s diversified platform, consisting primarily of its wholesale brokerage unit RT Specialty and delegated underwriting authority businesses, remains central to its operations. Despite a notably volatile and competitive insurance market environment—with substantial price declines of 25% to 35% in catastrophe-exposed property lines and intensifying capacity—Ryan Specialty’s property book declined only moderately, reflecting efforts to retain profitable segments and capture new business.