Ryan Specialty Holdings, Inc., an international specialty insurance firm, has reported total revenues of $795.2 million in the first quarter of 2026, a 15.2% increase compared to $690.2 million in the prior-year period.
Ryan Specialty attributed the increase in revenue to continued organic revenue growth of 11.8%, driven by new client wins and expanded relationships with existing clients, alongside continued expansion of the specialty and E&S markets, contributions from acquisitions completed within the trailing twelve months ended March 31, 2026, and growth in contingent commissions. The firm saw growth across the majority of its casualty lines, offset by a decline in its property portfolio.
In Q1’26, total operating expenses amounted to $700.6 million, an 18.8% increase compared to $589.9 million in Q1’25. The increase was largely driven by higher compensation and benefits expenses resulting from growth in headcount and revenue, as well as an increase in restructuring and related expenses due to the Empower Program initiated in Q1’26.
Net income climbed to $40.6 million, compared to a loss of $4.4 million, due to strong revenue growth and lower income tax expense, partially offset by higher total operating expenses compared to the prior-year period.
Adjusted net income increased 21.2% to $130.7 million from $107.8 million, with an Adjusted net income margin of 16.4%, compared to 15.6%.
Adjusted EBITDAC grew 15.7% to $232.0 million from $200.5 million. Adjusted EBITDAC margin was 29.2%, compared to 29.1%.
Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty, said, “It was a strong start to 2026 for Ryan Specialty in the face of continued and increasing industry headwinds.
“We grew total revenue 15%, driven by organic growth of 11.8% and contributions from M&A. We grew Adjusted EBITDAC by 15.7% and Adjusted Diluted EPS by 20.5%. Our performance this quarter speaks to the dedication of our team, their ability to succeed in challenging times, and the diversified enterprise we have purposefully built over the years. Through one of the most efficient and effective insurance distribution platforms in the world, we are delivering innovative solutions for our clients—brokers, agents, and carriers—that are difficult to replicate elsewhere. While we expect the environment to remain considerably challenging in the near term, we are confident that our continued investment in the platform, paired with our ability to innovate alongside our clients and capital trading partners, will further strengthen our position as a leader in specialty insurance.”
Timothy W. Turner, Chief Executive Officer of Ryan Specialty, added, “I am proud of our team’s tireless execution during the quarter as we continue to win business and increase market share in a very competitive environment.
“Along with our strong performance, we are continuing to invest broadly in our technology, AI, and data capabilities to ensure we are providing our clients with the expertise and advocacy they expect to solve their most complex insurance needs. We remain focused on controlling what we can control given the challenging environment. We are enhancing our competitive advantage and continuing to build and expand a platform that is designed to endure across market cycles.”
