International specialty insurance company Ryan Specialty reported that total revenue increased 13.2% to $751.2 million in the fourth quarter of 2025, compared with $663.5 million in the same period a year ago, with organic growth of 6.6%.
The insurer attributed the growth to new customer wins and expansion of relationships with existing customers, continued expansion of the E&S market, increases in annual acquisition revenue, contingent commissions and the impact of foreign exchange rates. Additionally, growth across most of its casualty lines was offset by declines in its real estate portfolio.
Operating expenses increased 19% year over year to $659.7 million in the fourth quarter of ’25, primarily due to higher compensation and benefit expenses, partially offset by lower acquisition-related expenses and long-term incentive compensation, as well as lower restructuring and related expenses.
The insurer’s net profit fell 26.6% to $31.2 million in the quarter, compared with $42.6 million in the year-earlier period, as total operating expenses and net interest expense increased, partially offset by strong revenue growth and lower income tax expense.
Meanwhile, in 4Q25, adjusted EBITDAC increased 2.9% to $222.3 million from $216 million in the prior-year period, driven primarily by strong revenue growth but partially offset by increases in adjusted compensation and benefits expense and adjusted general and administrative expenses.
For the full year of 2025, Ryan Specialty’s revenue increased by 21.3% year-on-year to US$3.0511 billion, compared with US$2.5157 billion the previous year, with an organic growth rate of 10.1% compared with 12.8% the previous year.
Finally, net profit fell 6.9% year-on-year to $214.2 million in 2025, compared with $229.9 million in the previous year.
Patrick G. Ryan, founder and executive chairman of Ryan Specialty, commented: “Overall, 2025 was a strong year for Ryan Specialty, especially given the significant headwinds facing the industry. During the year, our total revenue increased 21%, driven by organic growth of 10.1% and strong contributions from acquisitions that added 10% to our top line. This marks the seventh consecutive year that we have increased total revenue by 20% or more.”
“Additionally, our Adjusted EBITDAC grew 19.2% and Adjusted diluted earnings per share increased 9.5%. Along with these strong results, we executed on our M&A strategy and completed five high-quality acquisitions that will add more than $125 million in annualized revenue and further differentiate Ryan Specialty as an industry-leading international insurance services company.”
He continued: “We have made significant investments in our licensed expertise over the past few years and continue to build an intentionally diverse platform that is capable of playing a role in market transformation. Going forward, we see clear opportunities to invest in our business, optimize our operations and equip our teams with the most advanced tools to serve our clients more efficiently.”
“The Board of Directors approved a $300 million share repurchase program, which reflects our confidence in the near- and long-term prospects of the business. We believe that adding repurchases to our capital allocation toolkit is consistent with our goal of improving near- and long-term shareholder returns.”
Timothy W. Turner, CEO of Ryan Specialty, added, “Ryan Specialty leads the way again in 2025. We have delivered our 15th consecutive year of double-digit organic revenue growth, added top talent through hiring and acquisitions, expanded market share, launched new innovative products and solutions, and delivered superior results in a rapidly changing insurance and macroeconomic environment. We are off to a strong start in 2026 and believe we will continue to deliver industry-leading products and grow organically in the coming years.”
