International specialty insurance firm, Ryan Specialty, saw its revenue grow 24.8% to $754.6 million for the third quarter of 2025 when compared with the prior year, with an organic growth rate of 15%.
The company reports that it saw growth across most of its casualty lines, with modest growth in property across all three specialties.
For the third quarter of 2025, operating expenses increased 23% year-on-year to $643.8 million, driven mostly by higher compensation and benefits expenses, partially offset by a decrease in restructuring and related expenses, lower equity-based compensation, and lower acquisition related long-term incentive compensation.
The insurer’s net income increased by a significant 118.6% year-on-year to $62.6 million for Q3’25, as adjusted EBITDAC rose 23.8% to $235.5 million. Ryan Specialty attributes the growth in net income to strong revenue growth, partially offset by the higher total operating expenses, higher interest expense on a net basis, and a reduced income tax benefit.
For the nine month period ended September 30th, 2025, the company’s total revenue increased by 24.2% to $2.299 billion. The organic revenue growth rate for 9M’25 was 11.4%, down on 9M’24’s 13.3%.
Total operating expenses for the nine month period rose 23.7% year-on-year to $1.897 billion, while net income decreased by 2.4% to $182.9 million.
Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty, commented on the results: “It was a strong quarter for Ryan Specialty, demonstrating the strength and resilience of our firm throughout a challenging insurance and macro environment. We grew total revenue 25%, supported by strong organic growth of 15%, and another quarter of excellent contributions from our recent M&A transactions. We grew Adjusted EBITDAC 23.8% and Adjusted Diluted EPS by 14.6%.
“I am especially proud of what we’ve achieved while making substantial strategic investments during the quarter to capitalize on excellent opportunities to add broking and underwriting talent to our world-class team, as well as making continued investments in technology. We are well positioned to strengthen our position as an international leader in the specialty lines industry for years to come.”
Timothy W. Turner, Chief Executive Officer of Ryan Specialty, said: “Our team’s relentless execution this quarter underscores the power of our platform, the depth of our expertise, and our unwavering commitment to serving our clients and trading partners. We are navigating this challenging and transitioning market with confidence, driven by our diverse product offerings, durable business model, and a culture that continues to attract talented professionals.
“The runway ahead of us is significant, and we remain focused on delivering industry-leading organic growth and long-term value for our shareholders.”
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