Ryan Specialty Group Files for a $100 Million IPO

Ryan Specialty Group (RSG), a wholesale specialty insurance brokerage providing MGU and other services, filed on Monday with the SEC to raise up to $100 million in an initial public offering.

Source: Renaissance Capital | Published on June 22, 2021

Ryan Specialty

Ryan Specialty Group provides specialty insurance solutions for brokers, agents, and carriers. For retail insurance brokers, it assists in the placement of complex or otherwise hard-to-place risks. For insurance carriers, it works with retail and wholesale insurance brokers to source, onboard, underwrite and service those hard-to-place risks. A significant majority of the premiums Ryan Specialty Group places are bound in the E&S market, which includes Lloyd’s of London.

Alongside its IPO announcement, RSG has communicated some of its financials for the full-year 2020 and for the first-quarter of 2021.

For 2020, total revenue increased from $765 million in the prior year to more than $1 billion. In Q1 2021, total revenue hit $311.5 million, compared with $208 million for the prior year period.

Of the year-on-year increase in total revenue for 2020, RSG says that organic growth accounted for 20.4% of the increase.

Overall, operating income increased by almost 57% to $158.5 million in 2020, while net income improved by almost 12%, year-on-year, to $70.5 million.

The Chicago, IL-based company was founded in 2010 and booked $1.1 billion in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol RYAN. J.P. Morgan, Barclays, Wells Fargo Securities, Goldman Sachs, UBS Investment Bank, William Blair, RBC Capital Markets, BMO Capital Markets, and Keefe Bruyette Woods are the joint bookrunners on the deal. No pricing terms were disclosed.