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- **Revenue Growth**: 25% total, 15% organic, 10% M&A; EBITDAC +23.8% to $236M.
- **Margin Strategy**: 2025 EBITDAC margin flat/down due to talent, tech investments; 2027 35% target deferred.
- **Talent & M&A**: Robust pipeline; 2-3 year talent ramp-up; RAC Re launch.
- **Construction Growth**: Data centers drive Q3; cautious on 4Q property.
- **AI Integration**: Centralized data use; challenges with M&A platforms.

**【Management Opening Remarks】**
- Total revenue grew 25% YoY to $755 million, driven by 15% organic growth and 10% from M&A.
- Adjusted EBITDAC rose 23.8% to $236 million, with margin at 31.2%.
- Launched RAC Re, a collateralized sidecar, and promoted Steve Keogh and Brendan Mulshine to Co-Presidents.
- Emphasized talent recruitment and investments in technology.

**【CEO Commentary】**
- Organic growth of 15% driven by strong casualty performance and new property business.
- Soft property pricing offset by E&S flow; construction growth from data center build-outs.
- Deferred 2027 35% EBITDAC margin target due to strategic investments.
- Robust M&A pipeline with focus on cultural fit and accretive deals.

**【CFO Commentary】**
- GAAP revenue $755 million, 25% YoY growth; Non-GAAP EPS $0.47, +14.6%.
- 2025 EBITDAC margin expected flat to modestly down due to talent and tech investments.
- Strong free cash flow and balance sheet flexibility for M&A.
- Interest expense guidance for 2025: $223 million, flat in 2026.

**【Q&A Highlights】**
- 15% organic growth from new business, renewals, and E&S flow.
- Construction growth driven by data centers; cautious on 4Q property headwinds.
- Margin pressure from 2-3 year talent ramp-up; 2026 investments to continue.
- AI integration challenges with M&A, but progress in centralized data use.
- Reinsurance opportunities with Nationwide; potential future partnerships.

Ryan Specialty Holdings, Inc. (RYAN) Q3 2025 Earnings Call Transcript

- **Q2 Growth**: 23% total revenue driven by 7.1% organic growth and M&A, with EBITDAC margin expanding to 36.1%.
- **Property Challenges**: 20-30% rate declines in June, but strong flow and retention; full-year property decline expected.
- **Casualty Strength**: Double-digit growth in transportation and professional liability, offsetting property headwinds.
- **Strategic Initiatives**: Nationwide reinsurance deal and Alternative Risk investments to drive 2026+ growth, with 35% margin target by 2027.
- **Guidance Update**: Organic growth 9-11% (down from 10-12%), margin 32.5-33% due to property declines and investments.

**【Management Opening Remarks】**
- Q2 total revenue grew 23% YoY to $855 million, driven by 7.1% organic growth and 13ppt contribution from M&A. Adjusted EBITDAC rose 24.5% to $308 million, with margin expanding 50bps to 36.1%. Adjusted EPS increased 13.8% to $0.66.
- Organic growth fell short of expectations due to 20-30% property rate declines in June, but casualty and delegated authority segments offset headwinds. Recent acquisitions (USQRisk, 360° Underwriting, JM Wilson) added $19M in annual revenue.
- Long-term strategy focuses on M&A to expand addressable market, enhance underwriting capabilities, and strengthen international footprint. Strategic alliance with Nationwide for reinsurance underwriting and Alternative Risk solutions was highlighted.

**【CEO Commentary】**
- **Property Market**: Q2 saw 20-30% rate declines, but strong flow and high renewal retention (e.g., transportation, construction). Long-term optimism due to catastrophic losses ($100B+ in 2025) and secular growth trends. Full-year property book expected to decline modestly.
- **Casualty Strength**: Double-digit growth in transportation, professional liability, and public entities. E&S market tightening supports Ryan's specialized expertise. Casualty seen as key growth driver.
- **Delegated Authority**: Binding Authority specialty grew 55ppt YoY, driven by recent acquisitions. Underwriting Management specialty benefited from casualty strength and M&A contributions.
- **M&A Pipeline**: Robust pipeline with tuck-ins and large deals, focusing on strategic fit and accretive growth. Recent acquisitions (e.g., JM Wilson) add high-quality talent and transportation expertise.

**【CFO Financial Commentary】**
- Q2 GAAP net income: $420M; Non-GAAP EPS: $1.08 (vs. $0.95 consensus). Free cash flow strong, supporting M&A at 3.5x leverage.
- Full-year guidance: Organic growth 9-11% (down from 10-12%), EBITDAC margin 32.5-33% (vs. 33-34% prior). Property pricing declines expected to persist, offset by casualty and delegated authority growth.
- Margin headwinds include $223M GAAP interest expense and $19M in talent investments for Ryan Re and Alternative Risk (temporarily impacting 2H25 margins, accretive from Q1 2026).
- Long-term target: 35% EBITDAC margin by 2027, driven by scale, M&A, and operational efficiency.

**【Q&A Highlights】**
- **Property Pricing**: June 20-30% declines expected to continue, with no stabilization in near term. Casualty and delegated authority growth offsetting property headwinds.
- **Nationwide Deal**: Ryan Re to underwrite Markel's reinsurance book, adding scale and talent. Potential for $1.2B+ premium flow, but renewal attrition and commission rates uncertain.
- **Margin Investments**: $19M in 2H25 talent investments for Alternative Risk and reinsurance expected to drive 2026+ growth. Guidance assumes no property recovery in 2025.
- **M&A Pipeline**: Active pipeline with focus on strategic fit and accretive deals. U.S. Assure and other recent acquisitions expected to contribute to 2026 organic growth.
- **Casualty Outlook**: Firming rates and loss trends support long-term growth, with no risk of unexpected softening in high-hazard lines.

Ryan Specialty Holdings, Inc. (RYAN) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: 25% total revenue growth (13% organic + 13% M&A), 27.5% EBITDA expansion to $201M, and 11.4% EPS growth to $0.39.
- **Strategic Acquisitions**: USQ Risk adds $11M annualized revenue and strengthens alternative risk capabilities. M&A pipeline robust across deal sizes.
- **Resilient Business Model**: Specialty/E&S market dominance, compulsory products, and top talent enable 13%+ organic growth despite macro challenges.
- **Financial Strength**: 3.8x net leverage with ample capacity for M&A. Non-GAAP metrics beat expectations, despite one-time tax expense.
- **Property Outlook**: Q2 faces tough comp but expect modest growth through share gains. Long-term rate normalization and market leadership intact.


**【CEO & Founder Pat Ryan Summary】**
- Q1 2025 total revenue grew 25% YoY, driven by 13% organic growth and 13% M&A contribution. Adjusted EBITDA rose 27.5% to $201M, with margin expanding 60bps to 29.1%.
- Acquired USQ Risk, adding $11M annualized revenue and strategic expertise in alternative risk solutions. M&A pipeline remains robust across small, mid, and large deals.
- Emphasized resilience in specialty/E&S markets, with compulsory products and differentiated talent positioning for long-term growth.

**【CEO Tim Turner Business Overview】**
- Wholesale brokerage specialty delivered double-digit growth across casualty (habitational risks, transportation, healthcare) and modest property growth despite rate declines.
- Delegated underwriting authority (DUOA) specialty grew 50+bps YoY, driven by organic casualty expansion and recent acquisitions. Binding authority specialty saw strong flow in small commercial P&C.
- Technology investments in AI and data analytics are streamlining workflows and enabling faster client solutions, balancing growth with margin improvement.

**【President Jeremiah Bickham Operational Insights】**
- Q1 saw $690M total revenue, with 12.9% organic growth and 13% M&A contribution. Adjusted EPS rose 11.4% to $0.39, despite GAAP net loss due to one-time tax expense from velocity reorganization.
- Committed to balancing growth investments (talent, M&A, tech) with margin expansion, targeting 11-13% organic growth and 32.5-33.5% EBITDAC margin in 2025.

**【CFO Janice Hamilton Financial Highlights】**
- Q1 GAAP net loss of $4M ($0.22 per share) due to non-cash tax expense from velocity reorganization. Non-GAAP metrics showed strong performance: 25% revenue growth, 27.5% EBITDA growth, 11.4% EPS growth.
- Ended Q1 at 3.8x net leverage (comfort range 3-4x), with $217M annualized interest expense. Free cash flow remains strong for M&A execution.

**【Q&A Key Takeaways】**
- **M&A Pipeline**: Over 80% of 2024 M&A contribution already accretive, with USQ Risk expected to drive organic growth through Nationwide alliance. Will exceed 4x leverage for high-impact deals.
- **Property Market**: Q2 is largest property quarter but faces tough comp. Expect modest growth through market share gains, with long-term optimism on rate normalization.
- **Technology Impact**: AI investments reducing cycle times and enabling talent-focused growth, with no single initiative moving the needle but aggregate benefits emerging.
- **Economic Risks**: Specialty/E&S market's flexibility and compulsory products shield from macro volatility. No material impact from broader economic uncertainty yet observed.


Ryan Specialty (RYAN)-1 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: 12.8% organic growth, $811M EBITDAC, 32.2% margin, and $265M M&A contributions.
- **2025 Outlook**: 11-13% organic growth, 32.5-33.5% EBITDAC margin, and 35%+ by 2027.
- **Key Drivers**: Casualty resilience, delegated authority expansion, and M&A pipeline.
- **Margin Expansion**: $60M ACCELERATE savings reinvested to drive 100+bps margin growth.
- **Property Resilience**: 2025 modest rate headwinds offset by market share gains, long-term risk expansion.
- **Balance Sheet Strength**: 3.1x leverage, $600M debt raise, and 9% dividend increase.


**【CEO & Executive Chairman Opening Remarks】**
- Full year 2024 organic revenue growth of 12.8%, surpassing $2.5 billion in total revenue.
- Adjusted EBITDAC of $811 million, up 30% YoY, with margin expanding 210bps to 32.2%.
- Completed 7 acquisitions with $265M trailing revenue, including Velocity Underwriting Managers.
- Delegated authority now accounts for 45% of revenue, driven by long-term industry trends.
- 2025 outlook: 11-13% organic growth, 32.5-33.5% EBITDAC margin, and 35%+ margin target by 2027.

**【CEO (Tim Turner) Business Review】**
- **Property**: Q4 organic growth despite rate softness, driven by market share gains and strong renewal retention. 2025 expected modest growth but long-term optimism due to expanding risk pools.
- **Casualty**: Strong new business and renewal retention, benefiting from admitted market retrenchment. Transactional liability and professional lines leading growth.
- **Delegated Authority**: Underwriting Management (US Assure, Castel, Innovisk) delivered strong organic growth, with M&A contributions driving 2025+ expansion.
- **M&A Strategy**: 2024 largest M&A year, with 2025 pipeline focused on specialty expertise and geographic expansion.

**【President (Jeremiah Bickham) Platform Investments】**
- Completed ACCELERATE 2025 program, generating $60M annual savings (gross of reinvestment).
- Investing in talent (underwriters, actuaries, data scientists), technology (AI, digital tools), and go-to-market capabilities.
- Long-term margin expansion driven by operational efficiency and scale benefits.

**【CFO (Janice Hamilton) Financial Highlights】**
- Q4 2024: $664M revenue (+24.5% YoY), $216M EBITDAC (+36% YoY), $0.45 EPS (+29% YoY).
- 2025 guidance: 11-13% organic growth, 32.5-33.5% EBITDAC margin, 35%+ by 2027.
- Capital allocation: M&A priority, 3.1x leverage (comfort range 3-4x), $600M debt raise for liquidity.
- Dividend increased 9% to $0.12/share, reflecting confidence in cash flow generation.

**【Q&A Key Takeaways】**
- **Property Growth**: 2025 modest growth (~5%), but long-term catalysts (wildfires, climate risk) support >10%+ over time.
- **Margin Expansion**: 2025 investments (~$60M) balanced with 100+bps margin expansion, driven by M&A, scale, and ACCELERATE savings.
- **M&A Pipeline**: 2025 activity expected to match 2024 record pace, focused on delegated authority and specialty expertise.
- **Leverage Management**: Will exceed 4x temporarily for accretive deals, but targeting 3-4x long-term.
- **Personal Lines**: High net worth and E&S property opportunities via new MGU and AIG/PCS joint venture.


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