Ryan Specialty Group Holdings Inc. reported revenue of $386.9 million for the first quarter, up 24.2% from the same period last year and up 20.1% on a organic.
The strong organic growth, which excludes the effect of acquisitions and foreign currency fluctuations, was driven by new business and an increased flow of premiums into the excess and excess lines market in a firming market, the managers said. main managers of the company.
“Generally speaking, rates remain resilient in the majority of our business sectors. Where rate increases have moderated, they are more than offset by the continued expansion of the E&S market,” said Patrick G. Ryan, President and CEO of RSG.
Wholesale brokerage accounted for 63.3% of revenue, underwriting management 20.4% and underwriting powers 16.3%.
On the wholesale side, the E&S market continues to see record bids in the real estate catastrophe sector, and construction, professional liability, healthcare and cyberlines also showed strong growth, said Timothy W. Turner, president of Ryan Specialty.
The specialty brokerage reported a net profit of $18.1 million compared to a loss of $3.8 million in the same period last year.