Ryan Specialty Holdings, Inc., an international specialty insurance company, reported total revenue of $795.2 million in the first quarter of 2026, an increase of 15.2% from $690.2 million in the same period last year.
Ryan Specialty attributed the increase in revenue to continued organic revenue growth of 11.8%, driven by new customer wins and expansion of relationships with existing customers, as well as continued expansion in the specialty and E&S markets, contributions from acquisitions completed during the last 12 months ended March 31, 2026, and growth in contingent commissions. Growth across most of the company’s casualty lines was offset by declines in its real estate portfolio.
In the first quarter of ’26, total operating expenses were US$700.6 million, an increase of 18.8% from US$589.9 million in the first quarter of ’25. This increase was primarily due to increased compensation and benefit expenses due to headcount and revenue growth, as well as increased restructuring and related expenses resulting from the enablement program launched in Q1’26.
Net income climbed to $40.6 million on strong revenue growth and lower income tax expense, compared with a loss of $4.4 million, partially offset by higher total operating expenses in the year-ago period.
Adjusted net profit increased 21.2% from US$107.8 million to US$130.7 million, and the adjusted net profit margin was 16.4%, compared with 15.6% in the same period last year.
Adjusted EBITDAC increased 15.7% from $200.5 million to $232 million. Adjusted EBITDAC margin was 29.2%, compared with 29.1% in the same period last year.
“2026 is off to a strong start for Ryan Specialty in the face of continued and increasing industry headwinds,” said Patrick G. Ryan, founder and executive chairman of Ryan Specialty.
“Our total revenue increased 15%, driven by organic growth of 11.8% and contributions from acquisitions. Adjusted EBITDAC Growth was 15.7%, with adjusted diluted earnings per share increasing 20.5%. Our results for the quarter reflect the dedication of our team, their ability to succeed during challenging times, and the diverse business we have purposefully built over the years through one of the most efficient and effective insurance distribution platforms in the world. We are delivering innovative solutions to our clients. While we expect the environment to remain quite challenging in the short term, we believe our continued investment in this platform, coupled with our ability to innovate with our clients and capital trading partners, will further solidify our position as a leader in specialty insurance.”
Timothy W. Turner, CEO of Ryan Specialty, added: “I am proud of our team’s relentless execution during the quarter as we continued to win business and grow market share in a highly competitive environment.
“In addition to our strong performance, we continue to invest broadly in our technology, artificial intelligence and data capabilities to ensure we provide our customers with the expertise and advocacy they expect to solve their most complex insurance needs. In a challenging environment, we remain focused on controlling what we can control. We are strengthening our competitive advantages and continuing to build and scale a platform designed to span market cycles.”