Ryan Specialty Group

What Ryan Specialty Group does

Ryan Specialty Group is an international specialty insurance intermediary founded in 2010 and headquartered in Chicago, Illinois. The company operates a three-pillar platform spanning wholesale brokerage (RT Specialty), binding authority distribution (RT Binding Authority), and managing general underwriting (Ryan Specialty Underwriting Managers, or RSUM), which encompasses over 40 MGUs handling more than 300 specialized insurance products across property, casualty, professional liability, financial lines, energy, marine, healthcare, construction, entertainment, environmental, transportation, and public sector risk classes. Ryan Specialty trades on the NYSE under ticker RYAN and serves retail insurance brokers and agents seeking access to specialty and excess & surplus markets, insurance carriers requiring delegated underwriting expertise, and businesses in specialized industries that cannot obtain adequate coverage through standard insurance channels.

The company's core technology layer consists of AI-augmented underwriting tools that have reduced submission turnaround times from approximately 24 hours to under 2 hours in pilot areas, supplemented by the RT Connector broker appointment portal for digital onboarding. Revenue is generated through transaction fees on insurance intermediation, managing general underwriting commissions, and program administration fees. In FY2025, total revenue reached $3.05 billion (up 21.3% YoY), with revenue generated through wholly-owned subsidiaries spanning North America (US, Canada), the UK, Germany, Ireland, the Netherlands, Poland, Spain, Sweden, Denmark, the UAE, Singapore, and Australia. The company has executed a disciplined roll-up strategy, completing over a dozen acquisitions since 2017 including US Assure, Ethos P&C MGUs, USQRisk, Socius Insurance Services, Velocity Risk Underwriters, and Stewart Specialty Risk Underwriting.

Customer-facing delivery is structured around appointed retail brokers and agents, with US Assure alone maintaining relationships with over 20,000 active agents for builder's risk products issued through Zurich American Insurance Company. The company's go-to-market relies on specialized underwriting expertise within each MGU rather than a unified consumer brand, supported by content marketing through the Ryan Specialty Blog, industry publications, and a corporate social media presence. Ryan Specialty is in the midst of a three-year Empower Program restructuring (announced February 2026) targeting approximately $80 million in annual run-rate savings by 2029, amid cyclical pressure from property rate declines of 25-35% on large accounts and a 2026 organic growth guidance cut to 4-6%.

Name

Ryan Specialty Group

Legal name

Ryan Specialty, LLC

Website

https://ryanspecialty.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Ryan Specialty Group is a Chicago-headquartered international specialty insurance intermediary operating RT Specialty wholesale brokerage, RT Binding Authority, and 40+ managing general underwriters delivering 300+ specialty insurance products to retail brokers, carriers, and specialized industries across 35+ countries.

Ownership category

akta.pro rank

Product category

Specialty Insurance Brokerage and Underwriting

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industries

Energy & Power Specialty (Onshore/Offshore) (FSAJAGAI), Professional Liability (E&O) (FSAJAGAC)

Keywords

• Specialty insurance brokerage
• Wholesale insurance distribution
• Managing general underwriting
• Binding authority platform
• Insurance program administration

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insurance Intermediation Services: Ryan Specialty generates revenue as a specialty insurance intermediary providing wholesale brokerage, delegated underwriting authority, and program administration services. Revenue increased 21.3% year-over-year to $3.05 billion in fiscal year 2025.
2. Managing General Underwriting: Revenue generated through managing general underwriters (MGUs) that design, underwrite, bind and administer insurance programs across specialty lines including property, casualty, construction, energy, healthcare, and more.
3. Program Administration: National specialty programs provide insurance solutions dedicated to specific industries with in-house binding authority and multi-line capability, generating fees for program administration and underwriting services.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Ryan Specialty is an international specialty insurance intermediary that provides distribution, underwriting, product development, administration, and risk management services through three divisions: RT Specialty (wholesale brokerage to retail brokers and agents), RT Binding Authority (binding authority platform), and Ryan Specialty Underwriting Managers (40+ managing general underwriters handling 300+ specialized insurance products across property, casualty, construction, energy, healthcare, transportation, marine, environmental, entertainment, public entity, and other specialty lines). The firm also operates National Specialty Programs delivering industry-specific packaged policies.

Product overview

Ryan Specialty is an international specialty insurance intermediary that provides distribution, underwriting, product development, administration and risk management services through three main divisions: RT Specialty (wholesale brokerage), RT Binding Authority (binding authority platform), and Ryan Specialty Underwriting Managers (40+ MGUs offering over 300 specialized insurance products). The company operates a platform-plus-subsidiary architecture, with RSUM encompassing specialized MGUs across distinct market niches including construction, healthcare, energy, marine, transportation, financial lines, entertainment, environmental, and public entity sectors. Notable products include National Specialty Programs (alarm, dealers, fire protection, janitorial, pest control, real estate, storage, staffing), RT ProExec (professional and executive liability wholesale), and US Assure (builders risk). The company has international operations in North America, UK, Europe, Middle East, Asia Pacific, and Australia through various regulated entities.

Differentiator

Problem solved

Functional benefit

Brands

• RT ProExec: Specialty insurance practice focused exclusively on Executive, Professional and Transactional Liability, providing wholesale brokerage services to retail clients and their insureds
• Ryan Alternative Capital Re
• Ryan Specialty Public Entity

Products and services

• RT Specialty (Wholesale Brokerage) Wholesale brokerage services providing execution for retail brokers and agents seeking specialty insurance placement across property, casualty, professional liability, executive risk, and other complex commercial lines. Recognized as an industry leader in wholesale specialty insurance execution.
• RT Binding Authority One of the industry's largest binding authority platforms providing local market knowledge and expertise combined with national authority and nationwide resources, enabling retail agents to bind specialty coverages quickly with delegated authority.
• Ryan Specialty Underwriting Managers (RSUM) Underwriting management division offering services through 40+ highly specialized managing general underwriters (MGUs), distinct national specialty programs, bespoke alternative risk offerings, and innovative benefits solutions. Handles 300+ specialized insurance products supported by 1,500+ industry professionals with centralized technical support and policy lifecycle administration.
• National Specialty Programs Specialty package programs tailored to specific industries with in-house binding authority, multi-line capability and broad coverage. Includes Alarm Protect, Dealer Protect, Fire Protect, Government Service Contractor Protect, Janitor Protect, Pest Control Protect, Private Investigator Protect, Real Estate Investor Protect, Self-Storage Protect, and Staffing Protect — each designed for a specific commercial vertical.
• RT ProExec Leading specialty insurance practice focused exclusively on Executive, Professional and Transactional Liability, providing cutting-edge product knowledge, innovative placement methodologies, and exceptional wholesale brokerage service to retail clients and their insureds.
• Ryan Specialty Public Entity Bespoke casualty and auto physical damage coverage solutions for US public sector entities including cities, counties, municipalities, schools, and state governments. Addresses dislocated and underserved public entity insurance market.
• US Assure Insurance Services Exclusive access to admitted builders risk solutions for residential and commercial new construction, remodeling and installation projects. Issues insurance through Zurich American Insurance Company with relationships with over 20,000 active agents.
• 360° Underwriting Construction-focused managing general underwriter providing tailored specialty insurance solutions for brokers and their clients in the construction space.
• Velocity Risk Underwriters Specialty property insurance solutions for coastal and catastrophe-exposed commercial properties across the United States, with natural catastrophe focus.
• USQRisk Alternative risk transfer and facilities underwriter with two core divisions: Alternative Risk (structures and prices specialty (re)insurance for corporate and (re)insurer clients seeking bespoke risk and capital solutions) and Facilities (develops innovative insurance programs for unique risks and highly dislocated markets). Co-founded in 2020, acquired May 2025.
• Stewart Specialty Risk Underwriting (SSRU) Specialty coverage for large-account, high-hazard property and casualty risks across Canada, with particular strength in natural resources, industrial operations and residential realty.
• Ryan Specialty Canada Limited Canadian operating and holding entity consolidating Stewart Specialty Risk Underwriting, Alive Risk, Global Special Risks, Technical Risk Underwriters, PERse, Trident Marine Managers, and Ryan Transactional Risk under unified leadership led by CEO Stephen Stewart.

Quantifiable outcome

• Underwriting submission turnaround times reduced from approximately 24 hours to under 2 hours through AI investments
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Velocity Specialty Insurance CompanycoreStrategic or Co-development Partner · 1 January 2025RSUM's 2025 investment in Velocity Specialty Insurance Company reflects strategic capital allocation to strengthen underwriting capabilities and support strategic initiatives within the specialty insurance platform.
• Zurich American Insurance CompanycoreStrategic or Co-development Partner · 1 August 2024Strategic insurance carrier partnership where US Assure (acquired by Ryan Specialty) issues admitted market insurance coverage on behalf of Zurich American for builder's risk products. The partnership provides access to admitted market capacity and leverages US Assure's relationships with over 20,000 agents. Zurich American remains the builder's risk carrier following the acquisition.

Scale indicators13 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Arthur J. Gallagher & Co. Arthur J. Gallagher is a global insurance brokerage and risk management firm with a substantial specialty wholesale and MGU business (including the acquired RPS platform), making it the most direct competitor to Ryan Specialty in the specialty insurance intermediary space.
• Amwins Group: Amwins is the largest US specialty wholesale distributor of insurance products and provider of specialty underwriting capabilities, with a similar MGU/specialty distribution model to Ryan Specialty. Closely comparable in business mix and target customers.
• Brown & Brown, Inc. Brown & Brown is a leading insurance brokerage that has built a sizable specialty/wholesale and MGA business through acquisitions, competing directly with Ryan Specialty in wholesale distribution and program administration.
• Hub International Limited: Hub International is a large privately-held insurance brokerage with substantial specialty and wholesale operations, serving middle-market and complex commercial clients similarly to Ryan Specialty's RT Specialty division.
• CRC Group: CRC Group is a wholesale specialty insurance distributor and managing general agent offering similar products to retail brokers across property, casualty, and professional lines, with overlapping customer base to RT Specialty.
• Burns & Wilcox: Burns & Wilcox is a leading specialty insurance wholesale broker and MGA owned by Kaufman Financial Group, providing similar specialty and surplus lines distribution to retail brokers as Ryan Specialty.

Broad incumbents

• Marsh McLennan: Marsh McLennan is the world's largest insurance broker, operating Marsh (retail brokerage) and Guy Carpenter (reinsurance). As a broad incumbent, it competes with Ryan Specialty in specialty placements and managing general agency markets globally.
• Aon plc: Aon is a leading global professional services firm providing risk management, insurance brokerage, and HR consulting. Its specialty product line competes with Ryan Specialty's wholesale brokerage and underwriting management offerings.
• Willis Towers Watson (WTW): WTW is a global advisory, broking, and solutions company with significant specialty insurance and reinsurance capabilities through its Risk & Broking segment, competing in the same large-accounts specialty placement market.

Emerging players

• BroadStreet Partners: BroadStreet Partners is a Canadian-based specialty insurance brokerage platform that has grown through partnership with independent retail agencies, representing a regional/emerging player in the specialty wholesale distribution market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/RSG_insurance
• YouTubeyoutube.com/channel/UCew824sPCrKcGoeGBbwFF4A
• LinkedInlinkedin.com/company/ryan-specialty-group

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries50 records

Funding overview

Funding rounds9 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A17 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ryan Specialty Group