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Ryan Specialty Q2 revenue rises as underwriting-led growth offsets softness
Second-quarter net commissions and fees increased 7.4% to $902.7 million, while adjusted EBITDAC margin fell to 35.7% as expenses rose and restructuring charges weighed.
Ryan Specialty Holdings, Inc. reported second-quarter 2026 net commissions and fees of $902.7 million, up 7.4% year over year, and total revenue of $916.6 million, up 7.2% from $855.2 million a year earlier. Organic revenue growth was 6.7%, down from 7.1% in the prior-year quarter, as the company pointed to a moderating environment in the E&S market.
The company said underwriting management was its top-performing segment, with net commissions and fees up 12.8% to $303.8 million. Wholesale brokerage increased 4.5% to $498.8 million, while binding authority rose 6.0% to $100.2 million.
Ryan Specialty reported that casualty growth was partially offset by weakness in its property portfolio. It noted that commercial property E&S premiums fell 2.8% in 2025, the first annual decline since 2017, citing S&P Global Market Intelligence.
Profitability and costs were mixed, with adjusted EBITDAC growing 6.0% to $326.9 million, but the adjusted EBITDAC margin slipping to 35.7% from 36.1%. Adjusted net income rose 7.6% to $198.7 million and adjusted diluted EPS increased 12.1% to $0.74, while GAAP net income fell 13.1% to $108.4 million as operating expenses rose 10.9% to $736.3 million, including Empower Program restructuring charges tied to an operational overhaul approved by the board in February 2026.