Ryan Specialty Holdings, Inc., a leading international specialty insurance firm, today announced results for the third quarter ended September 30, 2022.
Ryan Specialty Group has reported $412 million revenue for the third quarter of 2022, representing 17% year-over-year growth compared to $352.8 million in the third quarter of 2021.
Net income increased to $29.3 million compared to a net loss of $32.6 million in the prior-year period.
The firm specified that the increase was mainly due to strong year-over-year revenue growth, as well as IPO related expenses and other non-operating loss (income) in the prior-year quarter that did not recur in the third quarter of 2022.
Additionally, adjusted net income for the quarter of rose 5.7% to $66.6 million, compared to $62.9 million in the prior-year period.
At the same time, adjusted EBITDAC increased by 11.2% to $116.8 million compared to $105 million in the prior-year period.
“Ryan Specialty yet again validated our differentiated business model by delivering strong results in the face of an increasingly challenging economic environment,” said Patrick G. Ryan, Founder, Chairman and Chief Executive Officer of Ryan Specialty.
“Another quarter of double-digit organic growth and healthy profitability is a testament to the unrelenting effort of our teammates to innovate and provide best-in-class solutions for existing and new clients. We also continued to add top talent to our team in the quarter, as we further enhanced our reputation as a destination of choice. With our strong balance sheet, our resilient business model and our focus on the growing E&S market, we are well positioned to skillfully navigate through this challenging economic environment and continue generating long-term value for our investors.”