International specialty insurance firm, Ryan Specialty, has reported a 13.2% rise in total revenue for the fourth quarter of 2025 to $751.2 million, compared to $663.5 million in the prior-year period, with an organic growth rate of 6.6%.
The insurer attributed the rise to new client wins and expanded relationships with existing clients, the continuous expansion of the E&S market, revenue from acquisitions for the year, higher contingent commissions, and the impact of foreign exchange rates. Additionally, there was growth across the majority of its casualty lines, offset by a decline across the property portfolio.
For Q4’25, operating expenses increased by 19% year-on-year to $659.7 million, driven mostly by higher compensation and benefits expenses, partially offset by lower acquisition-related expenses and long-term incentive compensation, and a decrease in restructuring and related expenses.
The insurer’s net income for the quarter decreased 26.6% to $31.2 million, compared to $42.6 million in the prior-year period, due to higher total operating expenses and higher interest expense, net, partially offset by strong revenue growth and lower income tax expense.
Meanwhile, in Q4’25, adjusted EBITDAC grew by 2.9% to $222.3 million from $216 million in the prior-year period, driven primarily by strong revenue growth, partially offset by higher adjusted compensation and benefits expense, and adjusted general and administrative expense.
For the full year 2025, Ryan Specialty recorded revenue growth of 21.3% year-over-year to $3.051.1 billion, compared to $2.515.7 billion in the prior year, with an organic growth rate of 10.1%, compared to 12.8% in the prior year.
Lastly, for 2025, net income dipped by 6.9% year-over-year to $214.2 million, compared to $229.9 million in the prior year.
Patrick G. Ryan, Founder and Executive Chairman, Ryan Specialty, commented, “Overall, 2025 was a strong year for Ryan Specialty, particularly considering the significant headwinds the industry faced. For the year, we grew total revenue 21%, supported by organic growth of 10.1% and strong contributions from M&A, which added 10% to our top line. This marked our seventh consecutive year growing total revenue by 20% or more.
“In addition, we grew Adjusted EBITDAC by 19.2% and Adjusted Diluted EPS by 9.5%. Along with our strong results, we executed our M&A strategy by closing 5 high-quality acquisitions, which will add over $125 million in annualised revenue and further distinguish Ryan Specialty as an industry-leading international insurance services firm.”
He continued, “We have made substantial investments over the past few years in our delegated authority specialties, as we continue to build an intentionally diversified platform, capable of powering through transitioning markets. As we look ahead, we see clear opportunities to invest in our business, optimise our operations, and equip our team with the most advanced tools to more efficiently deliver for our clients.
“Reflective of our confidence in the near and long-term outlook of our business, the Board has authorised a $300 million share repurchase program. We believe adding repurchases to our capital allocation toolkit is aligned with our goal of enhanced shareholder returns over the near and long term.”
Timothy W. Turner, Chief Executive Officer, Ryan Specialty, added, “Ryan Specialty once again led from the front in 2025. We marked our 15th consecutive year of double-digit organic revenue growth, added top-tier talent through hiring and acquisitions, expanded our market share, launched new innovative products and solutions, and produced exceptional results in the face of a rapidly evolving insurance and macroeconomic environment. We are off to a strong start in 2026, and believe we will continue to deliver industry-leading organic growth for years to come.”
