Ryan Specialty Holdings Inc. reported a 19.1% increase in second-quarter revenue to $585.1 million on Thursday.
The Chicago-based wholesaler and underwriting manager posted an organic growth rate of 16.1% for the quarter, compared with 22.3% in the prior-year period.
Net income was $83.8 million, a 19.5% increase from the comparable quarter.
“We remain confident 2023 will continue to be another strong year for our firm,” said Patrick G. Ryan, Ryan Specialty’s chairman and CEO, during the company’s quarterly analysts call.
“We’re in a prime position to capture broader” excess and surplus tailwinds, and further capitalize on specific lines, he said.
Ryan Specialty President Tim Turner said pricing in the E&S markets largely held firm or accelerated in many lines of business, “with property continuing to see the strongest rate momentum.”
Exceptions were public company directors and officers liability and cyber, “where we saw further pressure.”
Mr. Turner said, “As with all cycles, as pricing continues to increase and certain lines are perceived to reach pricing adequacy,” admitted markets will step back in on certain placements, “particularly within large towers,” although they have not yet meaningfully impacted the sector.
