Ryan Specialty Holdings, Inc. reported that its total revenue in the fourth quarter of 2023 grew 22.5% to $532.9 million, compared to $435 million in the prior-year quarter.
The firm’s organic growth was also up by 16%, driven by new client wins, expanded relationships with existing clients, continued expansion of the E&S market, revenue from acquisitions, and increased fiduciary investment income. Between October and December, Ryan Specialty saw growth across the majority of its property and casualty lines.
“Our fourth quarter results capped off another great year, in which we delivered 15% organic revenue growth, 21% adjusted EBITDAC growth, and 20% adjusted EPS growth. Through a combination of our differentiated business model, industry leading talent, speed to market, innovative product development, and persistent dedication to our clients, we offer a winning formula for success,” said Patrick G. Ryan, founder, chairman and CEO.
The broker’s net income rose 27.8% year-over-year, reaching $58.5 million in Q4 2023 from $45.8 million.
For full-year 2023, Ryan Specialty’s revenue was $2.1 billion, a 20.4% jump from $1.7 billion in the previous year. Net income also grew 19.1% to $194.5 million.
“In summary, we produced excellent results in 2023, are well positioned for another strong year in 2024, and are confident in our ability to deliver value to investors for years to come,” Ryan commented.
He also highlighted the company’s acquisition of Castel Underwriting Agencies Limited, a Managing General Underwriting (MGU) platform, in December. According to Ryan, 2023 was their second largest year in acquired revenue.