Ryan Specialty reported fourth-quarter net income up 54.6% year-over-year, while revenue outstripped Q4 2021 by 14.9%.
The Chicago, Illinois-based specialty insurer posted fourth-quarter net income of $45.8 million, compared with $29.6 million in the same period last year. Revenue grew to $435 million, up from $379 million in Q4 2021. Organic revenue growth was up 10.3% year over year.
Ryan Specialty’s wholesale brokerage business accounted for $288 million in revenue in the fourth quarter.
Tim Turner, president of Ryan Specialty, said the company is seeing a massive influx of new business into the unclaimed property market amid tougher reinsurance renewal process resulting in less capacity and higher rates.
“This is creating a growing demand for insurance solutions and is a recurring opportunity for our experience and expertise to meet that demand,” said Turner.
Turner also points to networking and trucking as areas of strong growth.
Ryan Specialty sets its organic revenue growth guidance for the whole of 2023 between 10% – 13%.
“Despite growing macro uncertainty, the complexity of risk continues to grow and therefore continues to grow,” said Patrick G. Ryan, founder, chairman and chief executive officer. , we believe the E&S market will continue to stand out in the insurance industry.” Ryan Specialty’s officer. “We expect our growth to be balanced across our diverse portfolio of products and solutions, allowing us to capture broader E&S trends while capitalizing on growth areas. specific rapid growth.”
Ryan Specialty announced a two-year restructuring program, Accelerate 2025, which will deliver approximately $65 million in one-time accrual fees through 2024 and generate annual savings of approximately $35 million in 2025. This program takes effect in the first quarter of 2023.
