NYSE: RYAN

solutions, and drive innovation. We believe our success has been achieved by providing best-in-class intellectual capital,

leveraging our trusted and long-standing relationships, and developing differentiated solutions at a scale unmatched by

many of our competitors.

Our plan for continued growth includes positioning ourselves as a pioneer in ever-changing markets, attracting

and developing industry-leading talent, broadening our product offerings organically and inorganically, and further

entrenching our deep industry relationships. We have been successful in each of these areas through our relentless focus on

serving each of our key constituents:

•Retail Insurance Brokers: Global, national, regional, and local retail insurance brokers rely on us to

provide expertise in specialty insurance lines and access to the best available coverage options on behalf of

insureds. Importantly, unlike some of our competitors, we have no retail operations, freeing us from

potential channel conflicts with our retail brokerage trading partners, which has been a cornerstone of our

strategy since our founding.

•Carriers: Insurance carriers, ranging from Lloyd’s syndicates to multi-line underwriters and E&S

specialists, rely on us to provide them with highly efficient, scaled distribution, specialty brokering and

underwriting management expertise, and high-quality insurance products. Insurance carriers also leverage

our comprehensive distribution network and deep knowledge to gain timely and cost-efficient access to

new risk classes and industries.

•Our Employees: Our professionals have extensive knowledge of the industries in which they specialize

and the complex insurance products we distribute and underwrite. We provide our employees with trusted

retail broker and insurance carrier relationships, proprietary products and innovative solutions, which

enable exceptional career advancement opportunities. We believe our reputation for helping our employees

advance their careers has made us a destination of choice for many of the most talented insurance

professionals in the industry.

Who We Are

We are a specialty insurance intermediary offering wholesale insurance brokerage and delegated underwriting

authority products and services through both traditional insurance and alternative risk solutions. We are the second-largest

U.S. P&C insurance wholesale broker and the largest U.S. P&C managing underwriter based on 2024 premium volume as

published in the Excess & Surplus Lines Market special report from Business Insurance. Our distribution network

encompasses over 700 individuals directly responsible for revenue generation in our Wholesale Brokerage and Binding

Authority Specialties (each, a “Producer” and together, the “Producers”) and our Underwriting Management Specialty

which develops and underwrites over 300 individual products. This provides us access to over 35,000 retail brokerage

firms and over 350 insurance carriers. We are compensated primarily through commissions and fees for the services we

provide.

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Our business was founded to address the growing need for specialists in the increasingly important specialty

and E&S markets. For the year ended December 31, 2025, 78% of the total premiums we placed were in the E&S market.

The E&S market has been driven by the continued emergence of large, complex, and high-hazard risks across many lines

of insurance. These risks include more severe hurricanes that occur with greater frequency, more devastating wildfires,

more frequent flooding and convective storms, escalating jury verdicts and social inflation, geographic shifts in population

density, a proliferation of cyber threats, novel health risks, risks associated with large sports and entertainment venues,

building and labor cost inflation relative to insured value, and the transformation of the economy to a “digital first” mode

of doing business.

Compared to Admitted carriers, E&S insurance carriers often have more flexibility to quickly adjust coverage

terms, pricing, and conditions in response to market needs and dynamics. This practice is commonly referred to as

“freedom of rate and form,” which can facilitate coverage that would not otherwise be attainable. With greater flexibility,

E&S underwriters can tailor insurance products to meet emerging risks, the needs of insureds, and the risk appetite of

insurance carriers. As a result, the emergence of complex, unique, or otherwise hard-to-place risks, and the need for

specialty solutions, have driven meaningful growth within the E&S market.

Based on data from AM Best, the U.S. E&S market (which comprised $130 billion of direct written premium in

2024) has grown at a CAGR of 10.6%, compared to 4.4% for the U.S. Admitted market, between 2010 and 2024. E&S

market share as a percentage of total U.S. commercial insurance premium increased from 13.5% in 2010 to 25.7% in 2024.

We believe the higher rate of growth of the E&S market is due to the shift towards complex risks, insulating the E&S

market from broader economic trends. We expect that this trend will continue.

2010-2024 Commercial Lines Market Size CAGR1

1 Admitted P&C direct premiums written (“DPW”) calculated as Commercial

Lines direct premium written per S&P Global Market Intelligence, less E&S DPW

per AM Best

E&S Market Share Commercial Lines P&C Industry2

2 E&S market share calculated as E&S DPW per AM Best divided by Commercial

Lines DPW from state pages per S&P Global Market Intelligence

We have been able to increase our market share by offering custom solutions and products to better address

changing market fundamentals. Historically, smaller wholesale insurance brokers have relied on a go-to-market strategy

that is primarily predicated on facilitating access to underwriting capacity. As risks in the E&S market continue to become

more complex, increasingly global and higher hazard, simply offering market access to retail insurance brokers is no longer

sufficient. We believe that as risks become more complex, the E&S market will continue to become more material and

wholesale brokers that do not have sufficient scale or the financial and intellectual capital to invest in the required specialty

capabilities will struggle to compete effectively. This dynamic will continue the trend of market share consolidation among

the wholesale insurance brokers that have these capabilities.

Our growth has been further supported by the rapid consolidation among retail insurance brokers and the

consolidation of their wholesaler trading partner relationships. During 2025, retail insurance brokers completed 695 merger

and acquisition (“M&A”) transactions according to OPTIS Partners, compared to 787 in 2024, 835 in 2023, and 1,032 in

2022. According to Business Insurance, this M&A velocity contributed to the Top 100 retail brokers growing revenue by

over 14% in 2024. As retail brokers continue to become larger, they focus on maintaining and establishing relationships

with fewer, more trusted wholesale brokers. This approach, commonly known as “wholesale panel consolidation,” ensures

that the retail brokers have quality, clarity, and consistency across their operations and insurance placement. The trend of

wholesale panel consolidation started in 2011 among global retail insurance brokers and was subsequently replicated by

middle-market retail brokers. We believe that retail insurance brokers will continue to favor having us on their wholesale

panels as a preferred trading partner because we have national scale, top-flight talent, a full suite of product solutions, and

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are free from channel conflicts with their retail operations. We expect that these dynamics will foster growth in the amount

of premiums we place from these existing retail broker relationships.

Similarly, there has been meaningful consolidation among P&C insurance carriers over the past two decades,

including significant commitment to the E&S market by predominantly admitted carriers, along with new entrants focused

on the specialty and E&S markets. This carrier consolidation likewise provided more opportunities for a smaller group of

well-positioned insurance specialists best equipped to provide the necessary services with the requisite scale and talent.

Our core value proposition to retail insurance brokers and carriers is delivering best-in-class intellectual capital.

Our people are our source of intellectual capital. We have sought to attract, develop, and retain many of the most skilled

specialty insurance professionals in the industry. We seek to attract leading talent into our organization by offering a

purpose-driven culture, a wide range of opportunities for career advancement, and a platform for success through the

breadth of our retail insurance broker relationships. We have access to over 35,000 retail insurance brokerage firms,

including preferred relationships with all of the top 100 retail insurance brokers. We have been highly successful in our

recruiting and retention efforts and are a destination of choice for top-tier talent. Typically, each cohort of Producers hired

since 2016 has generated revenue which exceeded compensation costs by the end of such cohort’s second full year.

Ensuring individual Producer book of business growth is critical for our business as it supports our organic growth,

motivates our Producers, and fosters retention. In 2025, our Producer retention rate was 96%. We continue to make

significant investments in people. We have formalized our Producer sourcing and development program through the

establishment of Ryan Specialty University, allowing us to even more effectively cultivate talent across all specialties. We

expect this program will continue to drive growth in the future.

Our Producers are able to offer retail insurance brokers multi-channel access to E&S and Admitted markets

through our three Specialties: Wholesale Brokerage, Binding Authority, and Underwriting Management.

•Wholesale Brokerage: Our Wholesale Brokerage Specialty operates predominantly under the brand “RT

Specialty” along with others such as “RT ProExec” and “CERT.” Wholesale Brokerage assists retail

brokers in procuring a wide range and diversified mix of specialty property, casualty, professional lines,

personal lines, and workers’ compensation insurance products from insurance carriers. We provide

insurance carriers with efficient variable-cost distribution in all 50 states through our extensive

relationships with retail brokers. For the years ended December 31, 2025 and 2024, our Wholesale

Brokerage Specialty generated $1,600.4 million in net commission and fees, representing 53.4% of our

total net commission and fees, and $1,489.1 million in net commission and fees, representing 60.6% of our

total net commission and fees, respectively.

•Binding Authority: Our Binding Authority Specialty operates under the “RT Specialty,” “Connector,” and

“RT Binding Authority” brands. Binding Authority provides timely and secure access to our carrier trading

partners that have delegated underwriting authority and critical administrative and distribution

responsibilities to us through our in-house binding agreements. A significant component of our growth in a

majority of this business comprises larger volume, smaller premium policies with well-defined

underwriting criteria which allows us to combine swift turnaround with the authority to bind insurance

carriers to coverage regardless of the complexity of risk. For the years ended December 31, 2025 and 2024,

our Binding Authority Specialty generated $370.2 million in net commission and fees, representing 12.4%

of our total net commission and fees, and $320.4 million in net commission and fees, representing 13.0% of

our total net commission and fees, respectively.

•Underwriting Management: Our Underwriting Management Specialty operates under multiple brands,

which are collectively referred to as “Ryan Specialty Underwriting Managers.” Our Underwriting

Management Specialty offers insurance and reinsurance carriers cost-effective specialty market expertise in

distinct and complex market niches underserved in today’s marketplace through 39 MGAs and MGUs,

which act on behalf of insurance and reinsurance carriers. These carriers have provided us the authority to

design, underwrite, and bind coverage, and administer policies for specific risks. We also have a National

Programs Platform that, together with our MGAs and MGUs, offers commercial insurance for specific

product lines or industry classes. Ryan Specialty Underwriting Managers offers a broad distribution

platform through a network of retail, wholesale, and reinsurance brokers, including RT Specialty. For the

years ended December 31, 2025 and 2024, our Underwriting Management Specialty generated $1,024.0

million in net commission and fees, representing 34.2% of our total net commission and fees, and $646.2

million in net commission and fees, representing 26.3% of our total net commission and fees, respectively.

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We have significantly enhanced our human capital, product capabilities, and geographic footprint through

strategic acquisitions. Since inception, we have partnered with over 60 firms through acquisition. These firms represent a

diverse mix of specialties and geographies, allowing us to better service both existing and prospective trading partners. The

targets that we acquired in 2025 had revenues for the unaudited twelve-month period prior to acquisition of over $125

million. We are highly selective in our M&A strategy and focus on partners that share our long-term approach, inclusive

culture and commitment to integrity and client centricity. We primarily source our acquisitions through proprietary

dialogue with potential partners and selectively take part in auction processes in which we believe we have a differentiated

approach or value proposition. We take a consistent and disciplined approach to deal structuring and integration in order to

best ensure that our partners are positioned to succeed after the acquisition.

We believe that we have a number of competitive advantages in M&A compared to our competition, including

robust access to capital, freedom of channel conflict in the retail market with our retail insurance broker clients, the ability

to leverage our distribution platform and back-office operations to drive revenue and cost synergies through a systematic

approach to integration, and a strong underlying value proposition. We have typically sought to partner with entrepreneurs

who are seeking to join a firm that can give them broader product capabilities and enhanced access to retail insurance

brokers and carriers. We believe we are the partner of choice for firms and teams seeking to benefit from the resources of a

larger organization without sacrificing culture, entrepreneurial spirit, and the desire to grow. We continuously evaluate

acquisitions, maintain a robust pipeline, and are currently in active dialogue with several potential new partners. We have

previously made, and intend to continue to pursue, acquisitions with the objective of enhancing our human capital, product

capabilities, natural adjacencies, and geographic footprint.

The key attributes we seek in our acquisition partners are that they have a strong track record of organic revenue

growth, have the ability to enhance our market presence, can be accretive to our business, can enhance our talent base, are

geographically diverse, provide complementary product lines, and possess a high-quality management team that is aligned

with our culture.

We leverage technology to drive both productivity and efficiency. This includes the use of generative artificial

intelligence (“AI”), analytics, and customized technology platforms to establish a competitive edge for our brokers and

underwriters, while also enhancing operational efficiencies that support our scalability across business units and

geographies. In 2025, we rolled out a proprietary version of ChatGPT for all of our employees, commenced

implementation of an enhanced workbench for our underwriters, and initiated our use of generative AI to automate certain

aspects of insurance submission intake and analysis for our underwriters.

We have also created a digital marketplace, RT Connector, through which our retail clients and internal

producers can receive quotes and bind policies online. It can produce multiple bindable quotes sourced from high-quality

carriers across several risk classes in minutes. In cases when certain risks do not fit into RT Connector’s highly automated

underwriting criteria, the retail insurance broker is automatically directed to our Producers and underwriters for more

traditional placement methods. This holistic approach and integrated service model allow us to better serve retail insurance

brokers because we can place their smaller-premium accounts efficiently, aggregate more of their submissions rapidly, and

bind more policies for them cost-effectively. We have also connected with several “digital first” retail trading partners as a

wholesale digital distributor. Under these arrangements, policies that do not fit our trading partner’s Admitted markets

platform are referred directly into the RT Connector platform for access to specialty and E&S solutions.

Our financial performance reflects the strength of our strategy and business model, including a 21.3% and

21.1% increase in revenue for the years ended December 31, 2025 and December 31, 2024, respectively. This rapid pace of

growth was accompanied by Diluted earnings per share of $0.47 and $0.71 in 2025 and 2024, respectively. Our Adjusted

diluted earnings per share increased from $1.79 in 2024 to $1.96 in 2025. Please see “Note 11, Earnings Per Share” in the

footnotes to the Consolidated Financial Statements in this Annual Report for additional information. Adjusted diluted

earnings per share is a non-GAAP metric. For a reconciliation of Adjusted diluted earnings per share to its most directly

comparable GAAP metric, Diluted earnings per share, please see “Management’s Discussion and Analysis of Financial

Condition and Results of Operations – Non-GAAP Financial Measures and Key Performance Indicators” included

elsewhere in this Annual Report.

Industry Overview

As a wholesale distributor, we operate within the broader P&C insurance distribution market, which comprises

both wholesale insurance brokers and retail insurance brokers. Wholesale and retail insurance brokers facilitate the

placement of P&C insurance products in both the E&S and Admitted markets.

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P&C Insurance Market

Insurance carriers sell commercial P&C products in the United States through one of two markets: the Admitted

or “standard” market and the E&S market. Approximately 74% of U.S. premiums are generated through the Admitted

market, which has highly regulated rates and policy forms. As a result, products in the Admitted market are relatively

uniform in price and coverage. According to data from AM Best, the E&S market comprised $130 billion of direct written

premium in 2024. In the E&S market, insurance carriers have more flexibility to customize rates and coverage. This

flexibility facilitates the underwriting of risks which are characterized by a complex profile, unique nature, size or are

otherwise difficult to place. The overall top five U.S. writers of E&S products in 2024 included: Berkshire Hathaway Ins

Grp., American International Grp., Fairfax Financial (USA) Grp., W. R. Berkley Insurance Grp., and Markel Insurance

Group, with whom we maintain meaningful relationships. Lloyd’s, which represents a market of 92 syndicates, is also a

prominent player in the E&S space and approximately 16% of 2024 E&S premiums in the United States were for insurance

coverage placed in the Lloyd’s market according to AM Best.

P&C Insurance Distribution Market

P&C insurance distribution is dependent on premium volumes in the P&C market as distributors typically

receive a commission based on a percentage of the dollar amount of the premiums placed. The dollar amount of premiums

placed is a function of both insurance rates and the underlying amount of coverage purchased, which is affected by broader

macroeconomic conditions, capital availability, and carrier loss trends in the class of risk and/or the specific insured. There

are broadly two types of insurance distributors: retail distributors (also called retail insurance brokers) and wholesale

distributors. Retail insurance brokers source insurance buyers and act as an intermediary between the insurance buyer and

insurance carriers. Wholesale distributors act as intermediaries between retail insurance brokers and insurance carriers by

assisting in the placement of “specialty” risks that are outside of the retail insurance brokers’ core expertise, complex, high-

hazard, or otherwise hard to place.

Wholesale Insurance Distribution Market

The wholesale insurance distribution market enhances efficiencies for both retail insurance brokers and

insurance carriers. Retail insurance brokers rely on wholesale distributors, such as ourselves, to assist in securing insurance

coverage for complex or specialty risks. The primary market for these insurance placements is the E&S market, where

retail insurance brokers often must utilize wholesale distributors who have distinct expertise and execution capabilities with

specialized carriers. According to AM Best, from 2019 to 2024, wholesalers were involved in placing on average 81% of

annual E&S premiums. E&S insurance carriers rely on wholesale insurance distributors for product expertise and

distribution capabilities. By leveraging Ryan Specialty as a wholesale distributor, E&S insurance carriers are able to access

a national network that includes over 35,000 retail insurance brokerage firms in a highly efficient manner, while

simultaneously enhancing the quality of policy submissions by using a knowledgeable counterparty. Insurance carriers also

leverage our comprehensive distribution network and deep knowledge to gain timely and cost-efficient access to new risk

classes and industries.

Wholesale distributors, who are typically compensated through commissions paid on insurance policies placed

on behalf of retail insurance brokers, share a portion of these commissions with the retail insurance broker and recognize

revenue on a net basis. Wholesale distributors can also receive fees in addition to commissions for placing certain

insurance policies. Wholesale distributors generally utilize one of three methods to place insurance risks into the E&S

market:

•Wholesale brokerage: 49% of 2024 E&S premiums were placed by wholesale insurance brokers without

binding authority, according to AM Best. This method, also referred to as “open brokerage,” is most similar

to our Wholesale Brokerage Specialty and includes a wide range and diversified mix of products.

•Program manager, MGA/MGU: 23% of 2024 E&S premiums were placed by program managers, including

MGUs and MGAs, according to AM Best. This method is most similar to our Underwriting Management

Specialty and allows wholesale distributors to underwrite coverage on behalf of an insurance carrier for a

specific type of risk, with relatively expansive delegated authority subject to agreed-upon guidelines and

limits.

•Wholesale brokerage with binding authority: 8% of 2024 E&S premiums were placed by wholesale

insurance brokers with binding authority, according to AM Best. This method is most similar to our

Binding Authority Specialty and utilizes in-house binding agreements, with a relatively limited scope of

delegated authority, to facilitate rapid execution.

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The following summarizes the U.S. insurance distribution value chain:

How We Win

We believe our success is attributable to providing best-in-class intellectual capital, leveraging our trusted and

long-standing relationships, and developing differentiated solutions at a scale and level of quality unmatched by most of

our competitors. These characteristics have allowed us to consistently win business and grow faster than our competition.

Compete with best-in-class intellectual capital and drive consistent innovation: Historically, wholesale

distributors simply provided retail insurance brokers with E&S market access. We believe this practice is an antiquated go-

to-market approach. The inherent weakness of this model has been illuminated as retail insurance brokers have

consolidated and the risks placed into the E&S market have grown larger, have become more complex and are higher

hazard. We are able to thrive by not just providing market access, but by also constantly offering differentiated and

innovative solutions. Our professionals have extensive industry experience and deep product knowledge, allowing us to

match risk with the appropriate insurance carriers, or other capital, and develop bespoke solutions in addition to providing

distribution. By harnessing our collective knowledge, creativity, and relationships, we offer our clients and trading partners

the expertise necessary to pursue new industries and new opportunities in an increasingly complex world. In order to foster

our culture of innovation, we focus on recruiting, retaining, and developing the best-in-class wholesale professionals in the

industry.

Deep connectivity with retail brokerage firms: While we empower our Producers to develop strong

relationships with individual retail insurance brokers, we also engage with retail brokerage firms holistically. Our executive

management team has long-standing relationships with the leadership teams at numerous retail brokerage firms; many of

these relationships pre-date some of our management’s tenure at Ryan Specialty. Reporting to our executive management

team are practice leaders who are aligned to the distribution channels within many retail brokerage firms. We employ

experienced practice leaders across all broad classes of business, including property, casualty, and professional & executive

liability coverages, in addition to specialists who run highly focused distribution channels such as construction, cyber,

transportation, renewable energy, professional liability, medical stop loss and other employee benefits coverage, alternative

risk, excess casualty, and transactional liability. Through our comprehensive connectivity with retail brokerage firms, we

are able to deliver holistic, higher-quality, and more consistent solutions. We believe it takes strategic organizational

design, deep existing relationships between retail brokerage firms and executive management, practice leaders, and

individual retail producers, as well as meaningful scale and top-tier talent, to achieve this level of connectivity.

Collaborative relationships with insurance carriers: We align with our carrier trading partners, providing

them with access to specialized and often proprietary binding authority and underwriting management capabilities, broad

distribution, and deep industry expertise. We have also assisted insurance carriers that traditionally have operated in the

admitted market enter into the E&S industry. We provide our carrier trading partners with a durable value proposition with

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a commitment to, and ongoing investment in, talent, technology, and governance. We offer 39 MGAs/MGUs and our

National Programs Platform, which together offer commercial insurance for specific product lines or industry classes. The

diversity of our offerings enables our carrier trading partners to cost-efficiently access new risk classes in a timely manner,

including on a delegated authority basis. We believe our carrier relationships are built on trust, industry credibility, and our

ability to deliver attractive underwriting results, growth, and scale over the long term. Our success is evident through our

ability to attract and retain industry leading specialized underwriting talent, develop new products and capabilities, onboard

additional capacity, and deepen relationships across our carrier trading partners. We work with the largest insurance

carriers in the E&S industry, which have consistently provided us long-term capital support. We are trading partners with

each of the top 25 U.S. E&S insurance carriers, as ranked by AM Best, numerous Lloyd’s syndicates, and U.K. and other

international insurance companies. As a reflection of the strength of these relationships, our carrier trading partners will

refer acquisition candidates to us, or proactively engage with us to develop new programs.

Comprehensive, full service product offering: Our success has been driven by our ability to provide broad

and innovative product offerings that continue to meet the needs of our trading partners, regardless of complexity or risk

profile. To provide this comprehensive level of service, we have developed a full suite of products, relationships, and

capabilities. Our Wholesale Brokerage Producers are highly regarded for their ability to procure coverage for the largest,

most complex, and high-hazard risks. Our wholesale brokers are able to place policies for challenging risks, such as:

coastal properties, kidnap and ransom exposures, hospitals and long-term care facilities, trucking fleets and commercial

transportation liability, large construction projects, large apartment schedules, and waste haulers. Our Binding Authority

Producers are renowned for their ability to quickly bind smaller accounts with unique attributes. Our Underwriting

Management Specialty offers retail and wholesale brokers a wide assortment of risk solutions for highly specialized

insurance coverage needs, such as: renewable energy, environmental, construction, cyber, builder’s risk, transportation,

transactional risk, long-term care facilities, catastrophe-exposed properties, and sports, leisure, and entertainment venues.

Our comprehensive suite of products and services and our broad geographic footprint allow us to place coverage for nearly

any risk brought to us by the over 35,000 retail insurance brokerage firms with which we do business. We believe that it

would be difficult for a new entrant to replicate the intellectual capital behind the breadth and depth of our product

offerings.

Free of channel conflict with retailer brokers: Our fundamental philosophy is that our clients’ interests must

always come first. In developing our distribution strategy, we have proactively avoided channel conflicts with our clients,

including in retail insurance distribution. Many of our competitors, including some of our largest, have taken a different

approach. We believe that the divergence in strategy has facilitated and solidified our presence on the wholesale panels of

nearly all of the most significant retail brokerage firms. Our position on numerous wholesale panels and aligned interests

with retail insurance brokers enhances our reputation as a destination of choice for the most talented producers, enhances

the market opportunity for our existing Producers, and cements our position as a source of intellectual capital for insuring

specialty risks.

Visionary, iconic, and aligned leadership team: We were founded by Patrick G. Ryan, a widely respected

entrepreneur and global insurance leader who previously founded Aon, one of the largest global retail insurance brokers,

and who served as Aon’s Chairman and/or CEO for 41 years. Mr. Ryan served as our Chairman and CEO from our

founding through the implementation of our executive succession plan, which took effect in 2024. Mr. Ryan now serves as

our Executive Chairman, remaining part of our executive management team and continuing as Chairman of the Board.

Timothy W. Turner succeeded Mr. Ryan as our CEO in 2024, after serving as our President since our IPO and leading RT

Specialty since our founding. Mr. Turner began his career in the insurance industry in 1987 and, prior to joining Ryan

Specialty, he was with CRC Insurance Services, Inc. for 10 years and was its President at the time of his departure. Messrs.

Ryan and Turner are joined by an experienced leadership team, each member of which has significant experience in the

wholesale distribution market. Our management team and employees also have significant alignment with stockholders. As

of December 31, 2025, we had over 1,000 employee stockholders, including each of our top 50 Producers. Our

management team and employees remain committed to our vision of market leadership by providing differentiated

intellectual capital, building trusted relationships, and pioneering risk solutions.

Our Strategy

We intend to grow our business by pursuing the following strategies:

Attract, retain, and develop human capital: Our people are the key to our success, so we have long focused

on attracting and developing the most talented professionals in the industry. Since the beginning of 2018, we have recruited

128 Producers who are now responsible for over $1.2 billion of annual premiums (figures exclude Producers who are not

associated with a discrete book of business). We have formalized our talent sourcing and development program through

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our commitment to Ryan Specialty University. This development platform allows us to cultivate talent across all levels and

specialties. We are able to retain new and tenured employees alike by offering unprecedented market access, supporting

Producers in growing their books, and providing broad opportunities for rapid career advancement within our organization.

For example, in 2025 and 2024, 71% and 78%, respectively, of our Producers grew their book of business. Our ability to

retain top talent is a core objective of our strategy, exemplified by the fact that from 2020 through 2025 our annual

retention rate has been 96% or greater.

Lead with innovation in an ever-changing market: We believe that change is inevitable and necessary. We

further believe in the relentless pursuit of innovation in order to respond to evolving market conditions and to reach

underserved specialty markets. Accordingly, our business is built to respond to rapidly shifting market conditions by

constantly looking for ways to broaden and enhance our product offerings. For example, many of our 13 de novo MGUs

were formed to respond to emerging risks such as life sciences (LifeScienceRisk), renewable energy (PERse®), excess

commercial general liability (Emerald Underwriting Managers), builder’s risk (TRU), and personal lines (Verdant). We

developed Ryan Re Underwriting Managers, LLC (“Ryan Re”) to serve as an MGU in collaboration with Nationwide to

create new opportunities for both organizations to grow their presence in the specialty lines market, which in turn expanded

the reach of our underwriting management services into the reinsurance market. We use generative AI, data analytic tools,

and other technologies to enhance our operational efficiencies and establish a competitive edge for our brokers and

underwriters. In addition, we created RT Connector to be a unique technology entrant into the E&S space. RT Connector

allows us to better serve retail insurance brokers by placing their smaller-premium accounts efficiently, evaluating more of

their submissions rapidly, and binding more policies for them cost-effectively. We believe in the relentless pursuit of

innovation in order to respond to evolving market conditions and to reach underserved specialty markets.

In 2023, we completed the acquisition of three companies that specialize in broking, distributing, and

underwriting employee benefits insurance products and services: ACE Benefit Partners, Inc., Point6 Healthcare, LLC, and

AccuRisk Holdings, LLC. These acquisitions are core to our employee benefits platform, enabling us to provide our retail

broker clients and other trading partners with employee benefits specialty products and services, including medical stop

loss, group benefit captives, pharmacy, voluntary benefits, care management, and an integrated health solution. Our

employee benefits practice extends our addressable market and provides additional value to our retail broker clients and

their insureds.

In 2024, we completed seven acquisitions that we believe significantly increased our underwriting management

total addressable market in both the U.S. and internationally. These acquisitions brought us seasoned management teams

that enhance our ability to bring new product innovation to market, proprietary technology that will provide a competitive

edge into the future, and additional product offerings that serve to diversify the existing portfolio contained in our

Underwriting Management Specialty.

In 2025, we completed the acquisition of five companies, including Velocity Risk Underwriters, LLC, an MGU

specializing in first-party insurance coverage for catastrophe exposed properties, USQRisk Holdings, LLC, a company that

significantly expanded our alternative risk profile, and Stewart Specialty Risk Underwriting Ltd., an MGU based in

Toronto and our first significant acquisition in Canada.

We have identified the following markets, products, and/or services as near-term potential growth opportunities:

alternative risk and capital management offerings, employee benefits, nursing homes and other long-term care facilities,

transportation, life-sciences, public entities and municipalities, higher education, sports and entertainment venues, high net

worth property, residential housing starts, and New York construction and habitational spaces.

Pursue strategic acquisitions and align interests to enhance the network effect: Since our inception, we

have a history of successfully executing and integrating acquisitions across a diverse mix of specialties and geographies.

Our acquisition strategy is centered on increasing our intellectual capital, distribution reach, and product capabilities, which

mutually reinforce one another. We take a consistent and disciplined approach to deal structuring and integration in order

to ensure both that our partners are positioned to succeed after the acquisition and interests are aligned between ourselves

and our new teammates. When we acquire Wholesale Brokerage businesses, they gain access to over 35,000 retail

insurance brokerage firms, including preferred relationships with all of the top 100 retail insurance brokers and exclusive

product capabilities. When we acquire underwriting managers, they gain access to our wholesale Producers, deep carrier

and other capital provider relationships, and visionary leadership. As we continue to grow, these positive network effects

become stronger. The connectivity among our Specialties, as well as with key trading partners, enhances the value of our

platform to recruited Producers and presents a highly attractive value proposition to acquisition partners.

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Deepen and broaden our relationships with retail broker trading partners: Retail insurance brokers have

multiple wholesale distribution relationships, even those that have consolidated their wholesale panels. We believe we have

the ability to transact in even greater volume with nearly all of our existing retail brokerage trading partners. For example,

in 2025, our revenue derived from the Top 100 firms (as ranked by Business Insurance) expanded faster than our 2025

organic revenue growth rate of 10.1%. Key to deepening our relationships with retail insurance brokers will be expanding

our product offerings and enhancing our geographic footprint through organic initiatives, continued producer hires, and

strategic acquisitions. Additionally, we will continue to broaden our footprint by establishing new retail broker trading

partner relationships. Beyond the traditional wholesale P&C opportunities, we also expect to continue to expand our

alternative risk offerings and our wholesale employee benefits specialty.

Build the most comprehensive international delegated authority business: We believe that both M&A

consolidation and panel consolidation have a long runway for Binding Authority. We believe that both M&A consolidation

and the use and reliance on scaled delegated Underwriting Management will continue to grow. National scale in E&S

distribution, underwriting expertise, and broad access to carrier capacity are key to building a cohesive binding authority

platform. With a nationally scaled binding authority operation, as well as the capabilities existing within our Underwriting

Management Specialty, we expect to be able to comprehensively address the opportunities in the delegated authority

market, which represented 31% of E&S premiums in 2024 according to AM Best.

Invest in operations, invest in growth: We have heavily invested in building a durable business that is able to

adapt to the continuously evolving E&S market. These investments include core operational functions, ongoing new hire

efforts, a visionary management team, and a robust acquisition integration effort. In addition, we have amassed a large

underlying data set based on the over 1.25 million total policies bound annually. We expect to leverage this data set to

further refine our pricing models, enhance our placement advice, and increase our efficiency. Even while deliberately

making these investments, we have been able to generate substantial cash flow and drive operating leverage. We have

historically used our cash flow to invest in the business, fund acquisitions, service our debt, and fund dividends. We expect

to continue fortifying our platform to support future expansion and sustain significant organic growth.

Our Specialties

Wholesale Brokerage

Our Wholesale Brokerage Specialty is primarily focused on specialty insurance products that retail brokers and

carriers have difficulty placing and distributing on their own due to the unique nature or size of the risk. Our Wholesale

Brokerage professionals are creative and highly skilled problem solvers, assisting retail insurance brokers in crafting

customized solutions. We pride ourselves on providing strategic advice, from coverage strategy and conception all the way

through claims activity. To achieve optimal client outcomes, our professionals utilize both their expertise and our leading

capabilities and resources. For the year ended December 31, 2025, our Wholesale Brokerage Specialty generated $1,600.4

million in net commission and fees, representing 53.4% of our total net commission and fees. Wholesale Brokerage

operates predominantly under the brand “RT Specialty.”

Our wholesale brokers distribute a wide range and diversified mix of specialty insurance products from

insurance carriers to retail insurance brokerage firms. Our largest distribution channels include (among others):

•Property coverages: Real Estate (Condos, Vacant Property), Catastrophic Exposures (Coastal Wind,

Flood, Wildfire, Earthquake, Terrorism), Specialized Coverage (Deductible Buy-Backs, Large Deductible

Placements), Builder’s Risk, Distribution / Warehousing, Group Programs, and Healthcare Risks.

•Casualty coverages: Construction (Project Specific, Residential and Commercial Contractor), Real Estate

(Habitational / OL&T / Lessors Risk), Life Sciences, Healthcare, Environmental, Primary and Excess Auto,

Political Risks, Product Liability / Manufacturing Risks, Hospitality / Liquor Liability, and Public Entities.

•Professional & Executive Liability coverages: Private Company Management Liability, Public Company

Directors and Officers Liability, Financial Institutions Management Liability, Not-For-Profit Organization

Management Liability, Crime / Kidnap / Ransom, Privacy Liability and Network Security, Errors and

Omissions Liability, and Medical Professional Liability.

•Transportation coverages: Local and Long-Haul Trucking, Haz-Mat Haulers, Contractors Fleets, Home

Delivery, Non-Emergency Medical Transport, Waste Haulers, and Auto Haulers.

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•Personal Lines coverages: Homeowners (Condo Unit Owner, Contents In-Storage, High Value

Homeowners, Home-Based Business Product, Manufactured Homes), Farm & Ranch, Flood, and

Recreational (Collector Vehicle, All Terrain, Snowmobile, Watercraft).

Our Wholesale Brokerage Specialty has extensive relationships with blue-chip insurance carriers and retail

insurance brokers. With regard to entities that our Wholesale Brokerage Specialty has a relationship with, there are no

material concentrations in retail insurance brokers (top five: 25.2% of 2025 revenue), insurance carriers (top five: 20.6% of

2025 revenue - excluding all Lloyd’s syndicates combined), or internal Producers (top five: 16.1% of 2025 revenue). These

concentration statistics reflect both Wholesale Brokerage and Binding Authority Specialties, as many producers utilize both

placement strategies. During 2025, we conducted business with thousands of retail brokerage firms, including all of the 100

largest United States retail brokers as identified by Business Insurance in 2024. We also work with small- to mid-size retail

brokerage firms that do not have direct access to certain of the insurance carriers with which we do business. We continue

to benefit from the consolidation of wholesale broking relationships by many retail brokers due to our expertise, execution,

and absence of conflicts with most retail brokers’ core businesses.

Binding Authority

We believe our Binding Authority Specialty to be among the largest binding authority platforms in the nation.

For the year ended December 31, 2025, our Binding Authority Specialty generated $370.2 million in net commission and

fees, representing 12.4% of our total net commission and fees. Our Binding Authority Specialty also operates under the

brands “RT Specialty” and “RT Binding Authority.”

Our Binding Authority Specialty provides timely and secure access to our carrier trading partners that have

granted relatively limited delegated underwriting authority to us through our in-house binding agreements. Much of this

business comprises larger-volume, smaller-premium policies with well-defined underwriting criteria that allows us to

combine swift turnaround with the authority to secure coverage regardless of the complexity of risk. The ability to quickly

process higher volume policies endows us with a significant efficiency advantage over our competitors attempting to

individually place each risk.

Our Binding Authority Producers distribute a broad scope of insurance solutions to our retail agent and broker

trading partners. Our industry distribution channels include (among others):

•General Liability: Manufacturing, Contractors, Habitational, Hospitality, Building Owners and Lessors,

Sales / Service, and Special Events.

•Property: Vacant, Coastal, Distressed, Wildfire Exposed, Warehouse, Habitational, and Difference in

Condition.

•Transportation: Primary and Excess Auto Liability, Business Auto & Public Auto, Auto Physical

Damage, Trailer Interchange, and Contingent Liability and Cargo.

•Other: Workers’ Compensation, Liquor Liability, Farm and Ranch, Builder’s Risk, Inland Marine, Motor

Truck Cargo, and Crime.

Underwriting Management

Our Underwriting Management Specialty offers insurance carriers cost-effective, specialty market expertise in

distinct and complex market niches underserved in today’s marketplace through MGAs and MGUs, which act on behalf of

insurance carriers that have given us relatively broad authority to underwrite and bind coverage, as well as critical product

design, administrative and distribution responsibilities, for specific risks, and (often proprietary) National Programs that

offer commercial and personal insurance for specific product lines or industry classes. Professionals in the Underwriting

Management Specialty often have a meaningful percentage of their compensation tied to underwriting performance to align

interests with those of our carrier trading partners. In 2024 and 2025, we completed agreements for the acquisition of

entities or assets of eleven companies that significantly increased our MGA/MGU footprint internationally and added to

our MGA/MGU and National Programs offerings and capabilities domestically. For the year ended December 31, 2025,

our Underwriting Management Specialty generated $1,024.0 million in net commission and fees, representing 34.2% of our

total net commission and fees.

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Our Underwriting Management Specialty operates under multiple brands, which are collectively referred to as

“Ryan Specialty Underwriting Managers.”

Our Organizational Structure

The Company is the sole managing member of New LLC. New LLC was formed as a Delaware limited liability

company on April 20, 2021, for the purpose of becoming, subsequent to our IPO, an intermediate holding company

between Ryan Specialty Holdings, Inc., and Ryan Specialty, LLC. Pursuant to contribution agreements, on September 30,

2021, the Company, the non-controlling interest LLC Unitholders and New LLC exchanged equity interests in Ryan

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Specialty, LLC for LLC Common Units in New LLC, with the intent that New LLC be the new holding company for Ryan

Specialty, LLC interests. As Ryan Specialty, LLC is substantively the same as New LLC, for the purpose of this document

we will refer to both New LLC and Ryan Specialty, LLC as the “LLC.”

Our Recent Acquisitions

On February 3, 2025, the Company completed the acquisition of Velocity Risk Underwriters, LLC, an MGU

specializing in first-party insurance coverage for catastrophe exposed properties, based in Nashville, Tennessee.

On May 1, 2025, the Company completed the acquisition of USQRisk Holdings, LLC, a company that

underwrites, structures, prices, and places specialty insurance for corporate clients seeking bespoke, multi-year risk

solutions based in New York and London.

On May 16, 2025, the Company completed the acquisition of 360° Underwriting, an MGU specializing in

commercial construction, based in Dublin and Galway, Ireland.

On July 1, 2025, the Company completed the acquisition of certain assets of J.M. Wilson Corporation, a

binding authority and surplus lines broker specializing in transportation insurance, headquartered in Portage, Michigan.

On December 1, 2025, the Company completed the acquisition of Stewart Specialty Risk Underwriting Ltd., an

MGU specializing in underwriting large-account, high-hazard property and casualty solutions, based in Toronto, Canada.

Seasonality

Our Wholesale Brokerage, Binding Authority, and Underwriting Management Specialties typically experience

higher revenues in the second and fourth calendar quarters of each year, primarily due to the timing of policy renewals.

Clients

The insureds served by our clients operate in many businesses and industries throughout the United States, the

United Kingdom, Europe, Canada, and certain other countries in which our subsidiaries operate. Our clients are retail

brokers and agents, other intermediaries, and insurance carriers. The top five retail brokers in the United States account for

23.2% of our revenue, and no single retail broker accounted for more than 8.8% of total revenue in 2025. No carrier

accounted for more than 6.1% of total revenue in 2025 (excluding all Lloyd’s syndicates combined).

Tax Receivable Agreement

At the time of our IPO, we entered into a Tax Receivable Agreement with current and certain former LLC

Unitholders. The Tax Receivable Agreement provides for the payment by us to the current and certain former LLC

Unitholders, collectively, of 85% of the net cash savings, if any, in U.S. federal, state, and local income taxes that we

actually realize (or in some circumstances are deemed to realize) as a result of (i) certain increases in the tax basis of assets

of the LLC and its subsidiaries resulting from purchases or exchanges of LLC Common Units (“Exchange Tax Attributes”),

(ii) certain tax attributes of the LLC and its subsidiaries that existed prior to the IPO (“Pre-IPO M&A Tax Attributes”), (iii)

certain favorable “remedial” partnership tax allocations to which we become entitled (if any), and (iv) certain other tax

benefits related to our entering into the Tax Receivable Agreement, including certain tax benefits attributable to payments

that we make under the Tax Receivable Agreement (“TRA Payment Tax Attributes” and collectively with Exchange Tax

Attributes and Pre-IPO M&A Tax Attributes, the “Tax Attributes”).

The rights of the current and certain former LLC Unitholders under the Tax Receivable Agreement are

assignable. We expect to benefit from the remaining 15% of the tax benefits, if any, that we may actually realize. The

actual Tax Attributes, as well as any amounts paid to the current and certain former LLC Unitholders under the Tax

Receivable Agreement, will vary depending on a number of factors, including the timing of any future exchanges, the price

of shares of our Class A common stock at the time of any future exchanges, the extent to which such exchanges are taxable,

and the amount and timing of our income and applicable tax rates. The payment obligations under the Tax Receivable

Agreement are obligations of Ryan Specialty Holdings, Inc., and not of the LLC. The Tax Receivable Agreement provides

that if (i) certain mergers, asset sales, other forms of business combination, or other changes of control were to occur or (ii)

we breach any of our material obligations under the Tax Receivable Agreement, then the Tax Receivable Agreement will

terminate and our obligations, or our successor’s obligations, to make payments under the Tax Receivable Agreement

would accelerate and become immediately due and payable. The amount due and payable in that circumstance is based on

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certain assumptions, including an assumption that we would have sufficient taxable income to fully utilize all potential

future tax benefits that are subject to the Tax Receivable Agreement.

Intellectual Property

We rely on a combination of copyright, trademark, trade dress, and trade secret laws in the United States and

other jurisdictions, as well as confidentiality procedures and contractual restrictions, to establish and protect our intellectual

property and proprietary rights. These laws, procedures, and restrictions provide only limited protection.

We have trademarks in the United States for “Ryan Specialty” and “RT Specialty.” The logo design for RT

Specialty, and numerous of our other brand names and logos, are registered as trademarks in the United States and other

jurisdictions. We have also registered numerous internet domain names related to our business. Some of our most

important brand names are not yet registered, and we rely on common-law trademark protection to protect this intellectual

property.

We enter into agreements with our employees, contractors, clients, partners, and other parties with which we do

business to limit access to, and disclosure of, our proprietary information. We cannot assure that the steps we have taken

will be sufficient or effective to prevent the unauthorized access, use, copying, or the reverse engineering of our proprietary

information, including by third parties who may use our proprietary information to develop products and services that

compete with ours. Moreover, others may independently develop products or services that are competitive with ours or that

infringe on, misappropriate, or otherwise violate our intellectual property and proprietary rights, and policing the

unauthorized use of our intellectual property and proprietary rights can be difficult. The enforcement of our intellectual

property and proprietary rights also depends on any legal actions we might bring against any such parties being successful,

but these actions are costly, time-consuming, and may not be successful, even when our rights have been infringed,

misappropriated, or otherwise violated.

Furthermore, effective copyright, trademark, trade dress, and trade secret protection may not be available in

every country in which our products are available, as the laws of some countries do not protect intellectual property and

proprietary rights to as great an extent as the laws of the United States. In addition, the legal standards relating to the

validity, enforceability, and scope of protection of intellectual property and proprietary rights are uncertain and still

evolving.

Companies in the insurance industry may own large numbers of copyrights, trademarks, and other intellectual

property and proprietary rights, and these companies and entities have and may in the future request license agreements,

threaten litigation or file suit against us based on allegations of infringement, misappropriation, or other violations of their

intellectual property and proprietary rights.

See “Risk Factors — Risks Related to Legal, Regulatory and Intellectual Property Issues” included elsewhere

in this annual report for a more comprehensive description of risks related to our intellectual property.

Regulation

Licensing

Our business activities are subject to licensing requirements and extensive regulation under the laws of the

countries, provinces, and states in which we operate. Regulatory authorities in the jurisdictions in which our operating

subsidiaries conduct business may require individual or company licensing to act as producers, brokers, agents, third-party

administrators, managing general agents, reinsurance intermediaries, or adjusters.

Under the laws of most states in the United States, Canadian Provinces, and most foreign countries, regulatory

authorities have relatively broad discretion with respect to granting, renewing, and revoking the licenses of producers,

brokers, and agents to transact business in such jurisdiction. The operating terms may vary according to the licensing

requirements, which may require that a firm operate in the jurisdiction through a local corporation. Our subsidiaries must

comply with laws and regulations of the jurisdictions in which they do business. These laws and regulations are enforced

by federal and state agencies in the United States. In the United Kingdom, some subsidiaries are regulated by governmental

agencies including the Financial Conduct Authority with additional licensing and regulatory oversight from the Lloyd’s

insurance market.

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Excess and Surplus Compliance

The U.S. E&S market generally provides insurance for businesses that are unable to obtain coverage from

Admitted insurance carriers because of their high or complex risk profile or the unique nature or size of the risk. The

surplus lines transaction is facilitated through a licensed and regulated surplus lines broker. It is the licensed surplus lines

broker that is responsible for: (i) selecting an eligible surplus lines insurer; (ii) reporting the surplus lines transaction to

insurance regulators; (iii) remitting the premium tax due on the transaction to state tax authorities; and (iv) assuring

compliance with all the requirements of the surplus lines codes. In most states, surplus lines laws, or laws pertaining to

non-admitted insurance business, require that an insured undertake a diligent search for insurance coverage from the

admitted market prior to securing coverage from a surplus lines insurer. State laws also require surplus lines brokers to

comply with exempt commercial purchaser laws and affidavit/document filing requirements, as well as requiring the

collection and paying of any taxes, stamping fees, assessment fees, and other applicable charges on such business. Surplus

Lines brokers are often subject to special licensing, surplus lines tax, and/or due diligence requirements by the home state

of the insured. Fines for failing to comply with these Surplus Lines requirements, specifically for failing to comply with the

surplus lines licensing or due diligence requirements, vary by state but can range to several hundred thousand dollars.

Fiduciary Funds

Insurance authorities in the United States, the United Kingdom, and certain other jurisdictions in which our

subsidiaries operate have also enacted laws and regulations governing the retention and investment of funds, such as

premiums, claims proceeds, and premium taxes, held in a fiduciary capacity for others. These laws and regulations, as well

as certain contractual arrangements with some of our carrier trading partners, generally require the segregation of these

fiduciary funds and limit the types of investments that may be made with them.

Broker Compensation

Some U.S. states permit insurance agents and brokers to charge policy fees, while other states limit or prohibit

this practice. Many states regulate to some degree the fees that may be charged by brokers and most states impose a broker

compensation disclosure requirement. In the U.K., there are regulatory requirements in relation to the conduct of insurance

business (which may vary depending on business type), including in relation to the fair treatment of customers and acting

in their best interests, disclosure of commissions, and soliciting or accepting inducements. Firms may be fined for non-

compliance and claims/complaints may be brought by private parties.

Privacy and Cybersecurity

Our businesses are subject to various laws, rules, and regulations relating to the privacy of information

regarding clients, employees, and others.

U.S. Federal law and the laws of many states require financial institutions and entities involved in health care

insurance to protect the privacy and security of personal information. Many of these laws require notice about policies and

practices relating to collection and disclosure of personal information and regulate its retention, use, disclosure, and

disposal. Most states have adopted strict cybersecurity laws and regulations requiring that insurance agencies adopt security

standards to protect personal information and provide notification of cybersecurity incidents under certain circumstances.

In addition, we are also subject to laws granting individuals the right to access, amend, or delete their personal data.

Regulators and legislators have taken additional action to regulate artificial intelligence and automated decision-making

that uses personal information and affects individuals. Regulators are also expected to step up enforcement of existing

privacy law. A major revision to the Health Insurance Portability and Accountability Act security rule has been proposed

that, if adopted, would enhance the cybersecurity protections required for personal health information.

In the European Union, the General Data Protection Regulation (the “EU GDPR”) is the primary privacy law

applicable to our businesses. The EU GDPR imposes a range of compliance obligations relating to the collection, use, and

disclosure of personal information as well as providing individuals with certain rights about how their personal information

is processed. The U.K. has implemented various legislation focusing on data protection and privacy, including but not

limited to, the U.K. Data Protection Act 2018 and the U.K. GDPR which broadly aligns with the EU GDPR and provides

for extensive fines for noncompliance. Noncompliance with these laws could result in enforcement by government

regulators, who can impose financial penalties, as well as claims from private parties.

Competition

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The wholesale brokerage, binding authority and underwriting management businesses are highly competitive

and very fragmented, although there are a limited number of truly national players. Our main competitors are national

insurance wholesale brokers, as well as numerous specialist, regional, and local firms in almost every area of our business.

We also compete with insurance and reinsurance carriers that market and service their insurance products without the

assistance of brokers or agents. Competition also comes from other businesses that do not fall into the categories above,

including commercial and investment banks and consultants that provide risk-related services and products.

Key competitive factors in our market include:

•expertise and intellectual capital;

•market access and/or product availability; and

•client service.

We believe that we compete favorably on these factors.

Human Capital Management

Our culture is the foundation of everything we do. Our employees are our greatest asset, and we strive to foster

a productive and empowering work environment that embodies our core values: Integrity, Client Centricity, Teamwork,

Meritocracy, Inclusion, Empowerment, Innovation, and Courage. Our key differentiators are not only our talent and

expertise but also the creativity and execution we deliver on behalf of our clients. Our commitment to attracting,

developing, and retaining top industry talent to assist our clients is matched only by our entrepreneurial spirit and passion

for excellence.

As of December 31, 2025, we employed approximately 6,110 people with 129 offices across the United States

and in the United Kingdom, Europe, Canada, Australia, the United Arab Emirates, India, and Singapore. We also engage

temporary employees and consultants and none of our employees are represented by unions. We offer competitive

compensation and benefits programs to attract and retain top talent. We have high employee engagement and ownership,

low turnover and consider our current relationship with our employees to be very good.

Culture and community are a priority for Ryan Specialty. We strive to promote an ecosystem that supports,

accepts, values, and promotes equality and inclusion. We safeguard and champion the health, safety, and wellbeing of our

employees and actively seek opportunities to support and serve our community. Our core values reflect a culture of

meritocracy that is inclusive and treats people equally. Every employee is recognized and assessed based on their

performance and contributions, which serves to fulfill our mission of hiring and retaining the top talent in our industry. We

strive to protect the invaluable attributes of meritocracy and are committed to purposefully reinforcing and refining every

aspect of our culture and values through various initiatives that enable our firm to reap the vast benefits that are inherent in

a diverse and inclusive environment. Our values set the foundation for a workplace where people can be their best self and

do their best work. Ryan Specialty rewards top performers and harnesses our differences and similarities to better serve our

clients, trading partners, teammates, and communities.

The attraction, development, and retention of employees is a critical factor in our success. As a result, we

provide training and development programs for our newest teammates, that embed teaching of our core values, along with

those essential critical elements of building an inclusive environment. Our training approach is critical for our future

growth and ability to recruit and develop the best of the best. We also partner with a number of nonprofit, community, and

industry organizations to attract, support, develop, and retain diverse talent.

Availability of SEC Filings

Our internet address is www.ryanspecialty.com. We are subject to the informational requirements of the

Exchange Act and, in accordance therewith, we file annual, quarterly, and current reports and other information with the

SEC. Copies of our reports on Forms 10-K, 10-Q, 8-K, and all amendments to those reports filed with the SEC, and any

reports of beneficial ownership of our Common Stock filed by executive officers, directors, and beneficial owners of more

than 10% of our outstanding common stock are posted on, and may be obtained through, our investor relations website,

ir.ryanspecialty.com, or may be requested in print, at no cost, by email at ir@ryanspecialty.com or by mail at Ryan

Specialty Holdings, Inc., 155 North Wacker Drive, Suite 4000, Chicago, Illinois 60606, Attention: Investor Relations.

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