AM Best Assigns Performance Assessment to Ryan Specialty (Singapore) Pte. Limited; Affirms Performance Assessment of Remaining Ryan Specialty Underwriting Managers’ Affiliates

Key Terms

managing general underwriters technical

Managing general underwriters are the lead financial firms that organize and offering of stocks or bonds, coordinating other underwriters, setting the offering price, handling regulatory paperwork, and overseeing how the securities are sold to investors. They matter because their reputation, pricing choices and allocation decisions influence demand, perceived fairness and the level of risk and potential return for investors—like a head coach whose game plan affects how a team performs and how fans judge the outcome.

delegated underwriting authority enterprise technical

A delegated underwriting authority enterprise is a business that an insurance company authorizes to evaluate risks, set prices and issue policies on the insurer’s behalf — like a trusted franchise running local sales and decisions for a larger brand. Investors care because this setup changes who holds underwriting risk, how quickly revenue can grow, and how profits and liabilities are tracked; strong controls can boost returns, while weak oversight can create hidden losses.

reinsuring financial

Reinsuring is when an insurance company passes part of its potential losses and premiums to another insurer so it doesn’t bear the full financial risk of large claims; think of it as an insurance company buying insurance for the policies it sold. For investors, reinsurance affects an insurer’s stability and profitability because it changes how much risk, capital and earnings the company keeps versus delegates, similar to how sharing a big bill reduces the chance one person is wiped out by an unexpected expense.

collateralized reinsurance vehicle financial

A collateralized reinsurance vehicle is a separate legal entity that holds cash or liquid assets to guarantee payment of insurance claims it has agreed to cover, similar to a dedicated savings account set aside solely for a loan. Investors and insurers use these vehicles to transfer risk transparently because the funds are pledged up front, so investors consider them important for assessing an insurer’s ability to pay claims, the safety of related investments, and potential exposure to large losses.

contingent commissions financial

Contingent commissions are extra payments made to brokers, agents, or intermediaries that depend on meeting certain targets—like selling a set amount of business, keeping losses low, or hitting profit goals—rather than a fixed fee. For investors, they matter because these incentive payments can change the true cost of underwriting and create a conflict between getting the best deal for a client and steering business to a particular insurer, which can affect profitability and regulatory risk.

performance-based compensation financial

Pay that rises or falls with measurable results, where employees or executives receive bonuses, stock, or other rewards only if specific performance goals are met. Investors care because it aligns the interests of managers with owners—like paying a driver by miles driven rather than time—so it can encourage stronger company results, affect future earnings and risk-taking, and signal confidence (or potential incentives for short-term decisions).

gross premiums financial

Total amount of insurance premium dollars an insurer bills customers before subtracting refunds, cancellations, or amounts passed to other insurers. Think of it as the insurer’s raw sales number—like a store’s total receipts before returns and wholesale costs—and it helps investors judge the company’s sales growth, market share and exposure to future claims, though it doesn’t reflect net income or final cash retained.

preliminary credit assessments regulatory

An initial, informal evaluation of an entity’s ability to meet its debt obligations, performed before a final credit rating is issued. Like a quick health check that flags potential risks, it helps investors estimate the chance of default, the likely interest cost on loans or bonds, and how a debt instrument might trade, so they can make faster, better-informed choices while full analysis is completed.

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OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Performance Assessment (assessment) of PA-1 (Exceptional) to Ryan Specialty (Singapore) Pte. Limited (Singapore). The outlook assigned to the assessment is stable. Concurrently, AM Best has affirmed the assessment of PA-1 (Exceptional) of the eight existing affiliates of Ryan Specialty Underwriting Managers (RSUM) (Chicago, IL). The outlook of the assessment is stable.

The assessment reflects RSUM’s exceptional underwriting capabilities, exceptional governance and internal controls, excellent financial condition, exceptional organizational talent and exceptional depth and breadth of relationships.

In AM Best’s view, the nine affiliated companies, which include 40 managing general underwriters (MGUs), operate within a unified governance and systems framework and are considered strategically and financially integral to RSUM’s ability to deliver specialty insurance products in the United States and internationally.

AM Best considers RSUM’s underwriting performance to be exceptional. The delegated underwriting authority enterprise (DUAE) entities within RSUM operate one of the largest underwriting platforms in the specialty insurance market, underwriting more than 300 specialized insurance products across a broad spectrum of risk classes and geographies. Niche expertise within the MGUs is supported by centralized underwriting, actuarial and catastrophe modeling teams, enabling RSUM to effectively serve complex and underserved market segments at scale. The organization benefits from robust capital access, an extensive broker network and no channel conflict with retail brokers. RSUM’s ongoing investment in technology, data analytics and infrastructure further enhances operational efficiency and underwriting effectiveness.

RSUM’s exceptional governance and internal controls promote underwriting discipline, transparency, regulatory and contractual compliance and sustained profitability. The organization aligns incentives based on profitable underwriting performance through contingent commissions and performance-based compensation. Through Geneva Re, a strategic joint venture with Nationwide Mutual Insurance Company, Ryan Specialty Holdings, Inc. (Ryan Specialty) [NYSE: RYAN], the ultimate parent of RSUM, co-invested in reinsuring the risks its MGUs underwrite to establish ongoing strategic risk participation in its underwriting results, enhancing carrier alignment and bolstering the long-term sustainability of its programs. In 2025, Ryan Specialty further strengthened its interest alignment through its investment in Velocity Specialty Insurance Company and the launch of a collateralized reinsurance vehicle, Ryan Alternative Capital Re. RSUM continues to execute a disciplined mergers and acquisition strategy and rigorously evaluates potential acquisition targets that are a cultural fit, strategic and accretive. Utilizing a standardized integration framework, RSUM effectively integrates acquired entities into its established governance, corporate oversight, compliance and operational structures.

RSUM’s excellent financial condition is supported by a balanced growth strategy with consistently strong profitability underpinned by robust organic growth and the integration of strategic acquisitions that enhance scale, capabilities, product offerings and geographic reach. In 2025, RSUM recorded another year of strong growth in terms of gross premiums and revenue. Ryan Specialty is publicly traded, which enhances access to capital and ensures greater scrutiny through market and regulatory oversight. Ryan Specialty strategically utilizes external debt along with cash from operations to fund its acquisition-led expansion, while maintaining leverage ratios within target ranges and generating strong operating cash flows that support its debt servicing obligations and ongoing investment in growth initiatives. Ryan Specialty has established a strong track record of acquisition execution and integration, as evidenced by the organization’s successful incorporation of more than 60 acquisitions since its inception.

RSUM’s exceptional organizational talent is supported by a seasoned senior leadership team with extensive industry knowledge and specialized underwriting talent embedded across individual MGUs. The organization offers employee equity opportunities and training and development programs designed to foster long-term talent retention across all levels. Strategic acquisitions have been instrumental in strengthening RSUM’s human capital, substantially expanding the organization’s talent pool and expertise across specialized product lines and geographic markets. Merger and acquisition execution and integration are deeply ingrained in RSUM’s culture, supported by an executive team and board with significant experience in overseeing value-accretive transactions.

RSUM’s exceptional relationship network positions the organization as a valued underwriting trading partner. RSUM leverages a broad network of more than 35,000 wholesale and retail broker companies, supporting high-volume deal flow across markets. RSUM’s diverse mix of specialty products effectively meets a wide range of broker and client needs, as the organization expands its footprint domestically and internationally. RSUM maintains long-term relationships with its top capacity providers, ensuring sustained underwriting capacity, program continuity and market stability.

The assessment of PA-1 (Exceptional) has been affirmed with a stable outlook for the following affiliates of RSUM:

• RSG Underwriting Managers, LLC
• RSG Specialty, LLC
• Ryan Re Underwriting Managers, LLC
• Freberg Environmental, LLC
• US Assure Insurance Services of Florida, LLC
• Ryan Specialty Europe GmbH
• Velocity Risk Underwriters
• Ryan Specialty Underwriting Managers International Limited

AM Best has withdrawn the assessment of PA-1 (Exceptional) of the following affiliates of RSUM:

• Ryan Specialty International Limited
• Ryan Specialty Netherlands B.V.
• Ryan Specialty Nordics AB

As part of a legal entity restructuring, the international entity organizational structure was consolidated in 2025. Ryan Specialty Netherlands B.V. and Ryan Specialty Nordics AB were converted into branches of Ryan Specialty Europe GmbH, while Ryan Specialty International Limited will be dissolved in due course as its underlying business was transferred to the main U.K. entity, Ryan Specialty Underwriting Managers International Limited. At the time of the withdrawal, these assessments had a stable outlook. AM Best’s policy is for a final assessment opinion in conjunction with a withdrawal. However, as these entities will no longer be legal entities, a final assessment could not be produced.

This press release relates to Preliminary Credit Assessments that have been published on AM Best’s website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating and Assessment opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260602898355/en/

Yizhou Hong
Senior Financial Analyst
+1 908 882 1692
yizhou.hong@ambest.com

Edin Imsirovic
Director
+1 908 882 1903
edin.imsirovic@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source: AM Best