International specialty insurance firm Ryan Specialty Group has posted revenue of $386.9 million for the first quarter of 2022, representing growth of 24.2% over last year, including 20.4% of organic revenue growth.
Ryan Specialty explained that the high rate of organic revenue growth was driven by new client wins, expanded relationships with existing clients, an overall expansion of the E&S market, and premium rate increases, as well as revenue from recent acquisitions completed in the fourth quarter of 2021.
Net income for the quarter totaled $18.1 million, versus a net loss of $3.8 million last year, and Adjusted EBITDAC increased 13.6% to $107.3 million, compared to $94.4 million in the prior-year period
Following these Q1 results, Ryan Specialty is now raising its full year 2022 outlook for both organic revenue growth rate and adjusted EBITDAC margin.
Organic revenue growth rate guidance range for the full year 2022 is now 13.5% – 15.5%, compared to the company’s prior guidance range of 13.0% – 15.0%.
And adjusted EBITDAC margin guidance range is now 28.5% – 30.0%, compared to 28.0% – 30.0% previously.
“We had an excellent start to 2022 as we continued to capitalize on opportunities presented by the ongoing expansion of the E&S market. We continue to believe that highlighting our clear value proposition, focusing on client service, and providing innovative solutions is our winning formula for success,” said Patrick G. Ryan, Founder, Chairman and Chief Executive Officer of Ryan Specialty.
“We delivered 20% organic growth while maintaining solid margins, continuing to invest in enhancing the Ryan Specialty platform, and making steady progress towards hiring the largest class of brokers in our history,” he continued.
“We remain confident that our financial strength, dedicated team, and proven ability to execute enables us to deliver sustainable and profitable growth over the long-term.”