Ryan Specialty Group has reported its net income for the second quarter of 2021 increased by 27.1% to $63.4 million, compared to $49.9 million in the prior-year period.
Total operating expenses for the second quarter of 2021 were $297.8 million, a 57.8% increase compared to the prior-year period.
This was primarily due to an increase in compensation and benefits expense, which is heavily correlated to revenue growth as many of Ryan Specialty’s producers are compensated based on a percentage of the revenue they generate for the Company.
Patrick Ryan, Founder, Chairman and Chief Executive Officer of Ryan Specialty Group commented: “We had an outstanding second quarter.
“We made significant progress in the quarter in all facets of our business, and this momentum continued into the third quarter with the successful completion of our IPO, a major milestone in the continuing evolution of our organisation.
“During the second quarter, we further advanced the integration of All Risks throughout our organisation and the impact of that acquisition continues to resonate in the marketplace.
“We generated another quarter of strong double-digit organic revenue growth, fuelled by our scaled distribution platform and expertise, both of which set us apart from our peers.
“We also continue to benefit from retail broker consolidation, further consolidation of wholesale broker panels, and a rapidly growing E&S market. We remain excited about the numerous opportunities we see for continued growth and investment in our capabilities, our technology and our talent in order to drive long-term shareholder value creation.”