{"id":21479,"date":"2024-03-01T16:32:30","date_gmt":"2024-03-01T16:32:30","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=762978"},"modified":"2024-03-01T16:32:30","modified_gmt":"2024-03-01T16:32:30","slug":"ryan-specialty-q4-net-income-up-28-on-es-expansion","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/03\/01\/ryan-specialty-q4-net-income-up-28-on-es-expansion\/","title":{"rendered":"Ryan Specialty Q4 Net Income Up 28% on E&amp;S Expansion"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/img\/social\/opengraph\/ij-social-default-1200x630.png\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/national\/2024\/03\/01\/762978.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/national\/2024\/03\/01\/762978.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>Ryan Specialty reported fourth quarter 2023 net income of $58.5 million and net income of $194.5 million for the full year.<\/p>\n<p>The Chicago-based specialty insurance firm grew Q4 net income by about 28% from the prior year, while full year net income improved by 19%.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"excess-surplus,profit-loss\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>Ryan Specialty credited fourth quarter revenue of $533 million to solid organic revenue growth, driven by new mergers and acquisitions and expanded relationships with existing clients, coupled with continued expansion of the E&amp;S market.<\/p>\n<p>Founder, Chairman and CEO Pat Ryan said 2023 marked the second best year for M&amp;A in the company\u2019s history, only topped in 2020 when it acquired All Risks.<\/p>\n<p>Ryan Specialty in December signed an agreement to acquire MGA Castel Underwriting, which is anticipated to close in the first half of 2024. The acquisition is expected add approximately $44 million of annual revenue, said Ryan.<\/p>\n<p>Ryan Specialty\u2019s wholesale brokerage division netted Q4 commissions and fees of $343 million, up 66% year-over-year.<\/p>\n<p>Director and President Tim Turner said in the company\u2019s Feb. 28 earnings call that Ryan Specialty continues to expect the flow of business into the non-admitted market to be a \u201csignificant driver\u201d of the company\u2019s growth, \u201cmore so than rate.\u201d<\/p>\n<p>Turner said elevated loss activity in property is driving more business into the E&amp;S market.<\/p>\n<p>\u201cWe continue to see the E&amp;S market respond well, yet with continued discipline and tighter limit management especially around coastal property, wildfire and flood, along with increased concern of earthquake risk,\u201d Turner said. \u201cGiven heightened frequency and severity of property losses, particularly in coastal areas, and more recently in the Midwest, we believe risks will remain in the E&amp;S market. \u201c<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/profit-loss\/\" class=\"btn btn-sm btn-primary tagtag\">Profit Loss<\/a> <a href=\"https:\/\/www.insurancejournal.com\/excess-surplus\/\" class=\"btn btn-sm btn-primary tagtag\">Excess Surplus<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"762978\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Excess Surplus<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments Ryan Specialty reported fourth quarter 2023 net income of $58.5 million and net income of $194.5 million for the full year. The Chicago-based specialty insurance firm grew Q4 net income by&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21480,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[337,2,1,609],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/03\/ryan-specialty-q4-net-income-up-28-on-es-expansion.png","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21479"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21479"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21480"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}