Ryan Specialty has reported total revenue of $690.2 million for Q1 2025, marking growth of 25% compared to the $552 million disclosed in Q1 2024.

The firm attributed the increase mainly to 12.9% organic revenue growth from new and expanded client relationships, E&S market expansion, recent acquisitions, changes in contingent commissions, and foreign exchange impacts, along with growth in most casualty lines and modest property growth.

At the same time, Ryan Specialty’s Q1 2025 Adjusted EBITDAC grew 27.5% to $200.5 million from $157.2 million in the same quarter of 2024, driven primarily by solid revenue growth.

However, net income for Q1 2025 decreased $45.1 million to a loss of $4.4 million, compared to $40.7 million of income in Q1 2024.

Ryan Specialty explained that the decrease was mainly due to higher income tax expense during the period related to the legal entity reorganisation associated with and subsequent to the Velocity acquisition, partially offset by stronger year-over-year revenue growth.

Thus, adjusted net income for Q1 2025 increased 13% to $107.8 million, compared to $95.4 million in Q1 2024.

With all this in mind, Ryan Specialty said it continues to project an Organic Revenue Growth Rate in the range of 11.% to 13.% and an Adjusted EBITDAC Margin between 32.5% and 33.5% for the full year 2025.

Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty, commented, “It was a strong start to 2025 for Ryan Specialty as we continue to deliver the innovative solutions our clients and trading partners have come to expect.

“We grew total revenue 25%, supported by organic growth of nearly 13% and excellent contributions from M&A, which also added 13% to our top line, partially offset by a slight decline in fiduciary investment income.

“We grew Adjusted EBITDAC 27.5% while continuing to expand our margins and grew Adjusted Diluted EPS by 11.4%. We believe we remain well-positioned to deliver another strong year across the firm.”

Tim Turner, Chief Executive Officer of Ryan Specialty, added, “We picked up nicely from the close of 2024, leveraging our differentiated talent to win additional new business and gain market share.

“We remain confident that we will be able to navigate through the current challenging macro environment given our diverse product and services offering, durable business model, and the resiliency of the specialty and E&S markets.

“As a result, we continue to believe we have a tremendous runway to deliver sustainable growth over the long term, and to create additional value for our shareholders.”

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