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Related Parties
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Parties Related Parties
Equity Method Investments
Ryan Investment Holdings
Ryan Investment Holdings, LLC (“RIH”) was formed as an investment holding company designed to aggregate the funds
of Ryan Specialty and Geneva Ryan Holdings, LLC (“GRH”) for investment in Geneva Re Partners, LLC (“GRP”). GRH
was formed as an investment holding company designed to aggregate investment funds of Patrick G. Ryan and other
affiliated investors. Two affiliated investors are LLC Unitholders and directors of the Company, and another is an LLC
Unitholder and employee of the Company. Ryan Specialty does not consolidate GRH as the Company does not have a
direct investment in or variable interest in this entity.
The Company holds a 47% interest in RIH and GRH holds the remaining 53% interest. RIH has a 50% non-controlling
interest in GRP and the other 50% is owned by Nationwide Mutual Insurance Company. GRP wholly owns Geneva Re, a
Bermuda-regulated reinsurance company, and GR Bermuda SAC Ltd (the “Segregated Account Company”). The
Segregated Account Company has one segregated account, which is beneficially owned by a third-party insurance
company (the “Third-party Insurer”). RIH is considered a related party variable interest entity under common control with
the Company. The Company is not most closely associated with the variable interest entity and therefore does not
consolidate RIH. The assets of RIH are restricted to settling obligations of RIH, pursuant to Delaware limited liability
company statutes.
The Company is not required to contribute any additional capital to RIH, and its maximum exposure to loss on the equity
method investment is the total invested capital of $47.0 million. The Company may be exposed to losses arising from the
equity method investment as a result of underwriting losses recognized at Geneva Re or losses on Geneva Re’s investment
portfolio. The carrying value of the Company’s equity method investment in RIH was $103.1 million and $92.7 million as
of June 30, 2026 and December 31, 2025, respectively. RIH has committed to contribute additional capital to GRP over the
next several years. Patrick G. Ryan, through a trust of which he is the beneficiary and co-trustee, has committed to
personally fund any such additional capital contributions. Any such additional capital contributions under this commitment
will not affect the relative ownership of RIH’s common equity.
Velocity Specialty Insurance Company
On May 1, 2025, the Company acquired a 9.9% interest in VSIC, an insurance carrier writing middle market and small to
medium business risks in catastrophe exposed areas, for $16.6 million. In the first quarter of 2026, the Company’s
ownership of VSIC decreased to 5.2% as a result of a capital contribution made by another investor in exchange for equity
issued by VSIC. A gain on ownership dilution of $0.7 million was recognized within Income from equity method
investments on the Consolidated Statements of Income during the six months ended June 30, 2026. The Company accounts
for its investment in VSIC under the equity method of accounting as the Company has the ability to exercise significant
influence over VSIC primarily through board representation. The carrying value of the Company’s equity method
investment in VSIC was $18.6 million and $17.3 million as of June 30, 2026 and December 31, 2025, respectively.
Other Related Parties
Geneva Re
The Company has a service agreement with Geneva Re to provide both administrative services to, as well as disburse
payments for costs directly incurred by, Geneva Re. These direct costs include compensation expenses incurred by
employees of Geneva Re. The Company had $0.4 million and $0.3 million due from Geneva Re under this agreement as of
June 30, 2026 and December 31, 2025, respectively.
Ryan Re Services Agreements with Geneva Re
Ryan Re, a wholly owned subsidiary of the Company, is party to a services agreement with Geneva Re to provide, among
other services, certain underwriting and administrative services to Geneva Re. Ryan Re receives a service fee equal to
115% of the administrative costs incurred by Ryan Re in providing these services to Geneva Re. Revenue earned from
Geneva Re was $0.5 million and $0.4 million for the three months ended June 30, 2026 and 2025, respectively, and $0.9
million and $0.8 million for the six months ended June 30, 2026 and 2025, respectively. Receivables due from Geneva Re
under this agreement were $0.9 million and $0.8 million as of June 30, 2026 and December 31, 2025, respectively.
Ryan Re is party to a services agreement with Geneva Re under which Ryan Re subcontracts certain services to Geneva Re
that are required for the segregated account of the Segregated Account Company on behalf of the Third-party Insurer. The
Company incurred expense of $2.8 million and $2.7 million during the three months ended June 30, 2026 and 2025,
respectively, and $5.7 million and $5.4 million during the six months ended June 30, 2026 and 2025, respectively. As of
June 30, 2026 and December 31, 2025, the Company had prepaid expenses of $1.2 million and $6.4 million, respectively,
related to this services agreement. The prepaid expenses are included in Other currents assets on the Consolidated Balance
Sheets.
Claims Management Agreement with VSIC
Velocity Claims, LLC (“Velocity Claims”) and Velocity, wholly owned subsidiaries of the Company, are party to a claims
management agreement with VSIC under which Velocity Claims receives compensation equal to 1% of indemnity and
expenses paid, net of subrogation, for each claim on which Velocity participates. Revenue recognized from this agreement
was $0.2 million and $0.3 million for the three and six months ended June 30, 2026, respectively. Receivables due from
VSIC under this agreement were $0.1 million as of June 30, 2026 and December 31, 2025.
Company Leasing of Corporate Jets
In the ordinary course of its business, the Company charters executive jets for business purposes from Executive Jet
Management (“EJM”), a third-party service provider. Mr. Ryan indirectly owns aircraft that he leases to EJM for EJM’s
charter operations for which he receives remuneration from EJM. The Company pays market rates for chartering aircraft
through EJM, unless the particular aircraft chartered is one that Mr. Ryan indirectly owns, in which case the Company
receives a discount and pays below market rates. Generally, the Company has been able to charter aircraft indirectly owned
by Mr. Ryan and make use of this discount. The Company recognized expense related to business usage of the aircraft of
$0.2 million and $0.1 million for the three months ended June 30, 2026 and 2025, respectively, and $0.4 million and $0.2
million for the six months ended June 30, 2026 and 2025, respectively.
Option Settlement Agreement
In connection with the Company’s grant of incentive stock options to certain employees during the three months ended
June 30, 2026, the Company entered into an option settlement agreement (the “Option Settlement Agreement”) with a trust
for which the Ryan Parties serve as trustees. The purpose of the Option Settlement Agreement is to offset the dilutive effect
of the grant and exercise of these incentive stock options on the Company’s outstanding Class A common stock, such that
the related incentive stock option exercises and share repurchases from the Option Settlement Agreement are expected to
result in zero incremental shares outstanding.
Pursuant to the Option Settlement Agreement, the Company has a conditional obligation to repurchase shares from the trust
upon the exercise of the related incentive stock options by employee option holders. Upon each exercise, the trust will sell
to the Company, and the Company will repurchase from the trust, shares of Class A common stock at the applicable option
exercise price equal to the number of shares underlying the exercised options, up to an aggregate repurchase amount of
$53.0 million. Shares repurchased under the Option Settlement Agreement will be retired upon repurchase.
Repurchases made under the Option Settlement Agreement will be effected outside of the Company’s authorized share
repurchase program and will not count toward any repurchase limitations established under that program. Because the
Company’s repurchase obligation is initially conditional and relates to a variable number of shares, no liability is
recognized until the underlying incentive stock options are exercised and the obligation to repurchase shares becomes
unconditional. The Option Settlement Agreement expires on June 9, 2036.