Ryan Specialty sees $552m revenue growth in Q1 2024

International specialty insurance firm, Ryan Specialty Holdings, Inc., has reported Q1 2024 revenue growth of 20.6% year-over-year as well as an increase in net income of 11.6% year-over-year when compared to the same period last year.

The firm’s revenue went to $552.0 million in the first quarter of 2024, from the $457.6 million reported in Q1 2023.

According to Ryan Specialty, this increase was primarily due to continued solid Organic revenue growth of 13.7%, driven by new client wins and expanded relationships with existing clients, coupled with continued expansion of the E&S market.

Revenue from acquisitions completed within the trailing twelve months ended March 31, 2024, and increased Fiduciary investment income, the firm also noted.

The insurer’s net income grew to 11.6% year-over-year to $40.7 million, compared to $36.5 million in the prior-year period. The increase was mainly due to stronger year-over-year revenue growth. Diluted Earnings per Share was $0.13.

For Q1 2024 Ryan Specialty also reported an adjusted EBITDAC of $157.2 million, which grew 25.8% from $125.0 million in the prior-year period. Adjusted EBITDAC margin for the quarter was 28.5%, compared to 27.3% in the prior-year period.

The increase in Adjusted EBITDAC, the firm noted, was driven primarily by solid revenue growth, partially offset by increased Adjusted compensation and benefits expense, as well as higher Adjusted general and administrative expense.

Additionally, adjusted net income for the first quarter of 2024 increased 32.9% to $95.4 million, compared to $71.8 million in Q1 2023. Adjusted net income margin was 17.3%, compared to 15.7% in the prior year quarter..

Adjusted diluted earnings per share for the first quarter of 2024 increased 34.6% to $0.35, compared to $0.26 in the prior-year period.

Patrick G. Ryan, Founder, Chairman and Chief Executive Officer of Ryan Specialty, said: “We had a great start to 2024, driven by another quarter of double-digit organic growth and further enhancement of our margin profile. Our exceptional performance was highlighted by 13.7% organic revenue growth, a 120-basis point expansion of our Adjusted EBITDAC margin, and 34.6% growth in our Adjusted Diluted EPS.

“Our outstanding success continues to be broad-based across our Specialties and includes valuable contributions from our recent acquisitions. This momentum is a reflection of the resolve of our 4,400 talented teammates to execute with distinction and to provide best-in-class service to our clients and trading partners.”

He continued: “We are also very pleased to have announced just yesterday the completion of our acquisition of Castel and the addition of this venerable team to our firm. This influx of additional top underwriting talent bolsters our delegated authority offering, enhances our international presence, and expands our total addressable market.

“I remain confident that 2024 will be another outstanding year for our firm as we are well positioned to deliver sustainable and differentiated profitable growth.”

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