International specialty insurance firm Ryan Specialty Group has posted revenue of $491.3 million for the second quarter of 2022, representing growth of 26% over last year, including 22.3% of organic revenue growth.
The firm explained that the high rate of organic revenue growth was driven by new client wins, expanded relationships with existing clients, coupled with continued expansion of the E&S market, and revenue from acquisitions completed in the fourth quarter of 2021.
Net income for the quarter totalled $70.1 million, a 10.6% increase compared to $63.4 million from the prior year quarter. Ryan Specialty Group noted that the increase mainly due to strong year-over-year growth.
In addition, adjusted net income for the second quarter of 2022 rose 15.4% to $106.4 million, compared to $92.3 million in the prior-year period, while adjusted net income margin was 21.7%, compared to 23.7% in the prior-year period.
At the same time, Adjusted EBITDAC increased 18.2% to $166.1 million compared to $140.5 million in the same period last year.
Organic revenue growth rate guidance range for the full year 2022 is now 16.5% – 18.0%, compared to the company’s prior guidance range of 13.5% – 15.5%.
And Adjusted EBITDAC margin guidance range is now 29.0% – 30.0%, compared to the company’s prior guidance range of 28.5% – 30.0%.
“Our second quarter performance once again demonstrated the strength and reliability of our differentiated business model. I am proud of our strong results, and we continue to have a long runway ahead of us,” said Patrick G. Ryan, Founder, Chairman and Chief Executive Officer of Ryan Specialty.
“We delivered another quarter of outstanding revenue growth, led by an impressive 22.3% organic growth. Our teammates continue to outperform by innovating with new products and solutions and winning a substantial amount of new business. We remain confident that our proven ability to execute will enable us to continue to generate strong profitability over the long-term and outperform through various economic cycles.”
